Leads and lags in commodity prices : an application of cross-spectral analysis

Leads and Lags in Commodity Prices: An Application of Cross-Spectral Analysis Moshe Buchinsky Division Working Paper No. 1987-7 August 1987 International Commodity Markets Division international Economics Department The World Bank Division Working Papers report on work in progress and are circulated to stimulate discussion and comment.  LEADS AND LAGS IN COMMODITY PRICES: AN APPLICATION OF CROSS-SPECTRAL ANALYSIS Moshe Buchinsky August 1987 The World Bank does not accept responsibility for the views expressed herein which are those of the author and should not be attributed to the World Bank or to its affiliated organizations. The findings, interpretations, and conclusions are the results of research supported by the Bank; they do not necessarily represent official policy of the Bank. The designations employed, the presentation of material, and any maps used in this document are solely for the convenience of the reader and do not imply the expression of any opinion whatsoever on the part of the World Bank or its affiliates concerning the legal status of any country, territory, city, area, or of its authorities, or concerning the delimitation of its boundaries, or national affiliation.  i C (K Y-z  TABLE OF CONTENTS SIUMMARY..........# * ......... ....e *0 eoae eaeoe gee a aa a.. . ................. * * .e.. v I.* INTRODUCTION c.................c.........e e o eeZaZ*e*o .. .. .. . .. . . o .*.. *.e ..lX