Fuel and Food: Global Commodities Price Transmission Perspective

Presented by ANU College of Arts & Social Sciences

European Union and United States policies have created a new price transmission channel connecting fuel and food commodity markets. Professor Janda will present the results of econometric time series analysis of the fuel-food related price co-movements showing a wide range of possible conclusions from price neutrality to strong price linkages.

Using different econometric methods, Professor Janda has found that while biofuels policies increased the strength of fuel-food linkages, the particular price linkages are dynamically evolving in time and depend on the market in question.The biofuels policies remain a widely discussed and controversial issue with some significant differences in expert opinions. However, for the foreseeable future, biofuels are likely to keep their position in the transport fuels mix without any dramatic changes. Global biofuels production and consumption is projected to slightly increase due to non-OECD countries including Brazil.

Professor Karel Janda holds a PhD from the University of Iowa, 2003. Currently, he is a professor at the Department of Banking and Insurance, Faculty of Finance and Accounting, University of Economics, Prague, and Chairman of the Department of Microeconomics and Mathematical Methods, Institute of Economic Studies, Faculty of Social Sciences, Charles University, Prague. Professor Janda holds the RWE Chair in Economics at the Institute of Economic Studies, Charles University. He is a Research Associate of the Climate Change and Energy program of the Centre for Applied Macroeconomic Analysis (CAMA), ANU, and a member of the ANU Climate Change Institute.

Professor Janda's visiting faculty appointments include McGill University, Toulouse School of Economics, the University of California, Berkeley, and the University of Cambridge, among others. His research is concerned with microeconomics and applied econometrics in the areas of the microeconomics of banking, natural resources and agricultural economics, and the economics of transition. He is currently working on economics of renewable energy resources, especially biofuels and photovoltaics, and on the social cost of carbon. He coordinates the EU Horizon2020 project GEMCLIME on economic modelling for climate-energy policy (2016-20: http://gemclime.cuni.cz/). Professor Janda regularly teaches graduate classes in microeconomic theory, financial contracting and microeconomics of banking, as well as undergraduate classes in finance and banking.

A light lunch will be provided.