Long cycles of commodity prices: Kondratiev or Kuznets cycles?
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The recent empirical studies carried out on the super cycles of commodity prices have led us, in this article, to return to the works that Nikolai Kondratiev and Simon Kuznets devoted to the issue of prices during the interwar period. On the one hand, the long-term price cycles that had been highlighted by these two authors and that presented periodicities of about fifty (Kondratiev) and twenty (Kuznets) years were outlined based on an analysis of the dynamics of the prices of raw materials. On the other hand, the average durations of the super cycles of commodity prices that have been identified over the last few years have taken place over a particularly long period of time (22 to 54.5 years) that includes, among others, the periodicities of Kuznets and Kondratiev. This result is worth noting because, since the 1980s, the vast majority of empirical contributions that have corroborated the existence of long cycles have insisted not on the presence of both of these types of recurrence in the series studied but on the presence of one and the absence of the other. In contrast to these studies, the most recent studies carried out on the super cycles of commodity prices invite us not to oppose Kuznets and Kondratiev but, on the contrary, to reconcile these authors regarding the issue of prices, since they are both pioneers in the study of long cycles of commodity prices.
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