Speculative Equilibria of \"Managed\" Primary Commodity Markets

John McLaren
This paper sets up a model of commodity speculation in the presence of a public buffer stock intervention. Equilibrium is characterized, existence is proven and sufficient conditions for uniqueness are given. These take the form of the buffer stock having "marginal propensities to store" between zero and one. A limited policy neutrality result is proven, but where the buffer stock does have an effect, some strong contrasts with the laissez-faire case are established. For example,...
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