The Impact of Quantitative Easing on Corn and Soybean Market

다국어 초록 (Multilingual Abstract)

This study investigated the influence of Quantitative Easing on corn and soybean prices. Unlike previous studies, which analysed the impact of Quantitative Easing on aggregate commodity index, it is found that corn and soybean markets respond differently to the change of the U.S. Federal fund rate. It was discovered that a shock in the interest rate led to a statistically significant decline in corn price, while the responses of soy price were unstable. The implication of the result is that different market structures should be taken into consideration in price outlook when the Federal fund rate is increased.

목차 (Table of Contents)

• Ⅰ. Introduction
• Ⅱ. The Relationship of Interest Rate and Grain Prices
• Ⅲ. Data and Methods
• Ⅳ. Results
• Ⅴ. Discussion
• References
• Appendixes

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