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The Optimal Extraction of Exhaustible Resources

Varadarajan Chari and Lawrence Christiano

No 14-5, Economic Policy Paper from Federal Reserve Bank of Minneapolis

Abstract: Policymakers concerned about rapid swings in commodity prices seek economic guidance about causal factors and future trends, but standard models?based on Harold Hotelling?s classic 1931 theory?are unable to explain actual data on price variability for a wide range of commodities. In this paper, we review this ?Hotelling puzzle? and suggest modifications to current theory that may improve explanations of commodity price changes and provide better policy advice.

Keywords: Prices; Commodities (search for similar items in EconPapers)
JEL-codes: E31 (search for similar items in EconPapers)
Pages: 7 pages
Date: 2014-12-11
New Economics Papers: this item is included in nep-mac
References: Add references at CitEc
Citations: View citations in EconPapers (5)

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