01642cas a2200241 a 4500 AALejournalIMF002559 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451972856 1018-5941 BD-DhAAL BD-DhAAL Boughton, James. Commodity and Manufactures Prices in the Long Run / James Boughton. Washington, D.C. : International Monetary Fund, 1991. 1 online resource (40 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students The low level of primary commodity prices since 1985 is examined in the context of the behavior of those prices relative to prices of manufactured goods since 1854. The Prebisch-Singer hypothesis of a secular decline in relative commodity prices is sustained, but the recent decline is shown to be well outside the realm of historical experience. Commodity and manufactures prices are found to be cointegrated, conditional on the negative trend and a number of unexplained short-term swings. The earlier finding of a Gibson paradox is explained in terms of the difference between short- and long-run relationships. Mode of access: Internet IMF Working Papers; Working Paper ; No. 1991/047 Full text available on IMF http://elibrary.imf.org/view/journals/001/1991/047/001.1991.issue-047-en.xml IMF e-Library