Agricultural Markets and Food Price Inflation

October 2, 2008
Federal Reserve Bank of Chicago
230 South LaSalle Street
Chicago, IL 60604-1413
Third Floor Conference Center

October 2, 2008
8:00 a.m.		Registration and Continental Breakfast
9:00 a.m.		Welcome and Opening Remarks David B. Oppedahl, Business Economist, Federal Reserve Bank of Chicago
9:20 a.m.		Session I: Sources of Agricultural Cost Increases Why Do Food and Other Agricultural Commodities Cost More? (PDF,82KB) John Miranowski, Professor, Department of Economics, Iowa State University Farmer Responses to Higher Corn and Soybean Costs (PDF,116KB) Gary Schnitkey, Professor, University of Illinois at Urbana-Champaign
10:30 a.m.		Break
10:45 a.m.		Session II: Changing World Food Demand and Supply Global Agricultural Supply and Demand: Factors Contributing to Recent Increases in Food Commodity Prices (PDF,170KB) Ronald Trostle, Economic Research Service, USDA Future Food Prices: FAPRI Projections and Sources of Uncertainty (PDF,1.19MB) Patrick Westhoff, Research Associate Professor, Department of Agricultural Economics, University of Missouri, and Co-Director, Food and Agricultural Policy Research Institute
12:00 p.m.		Lunch Introduction Representative of the Federal Reserve Bank of Chicago Keynote The World Food Crisis and Global Responses (PDF,421KB) Mark Cackler, Manager, Agriculture and Rural Development Department, The World Bank
1:30 p.m.		Session III: Impacts of Food Price Changes The Distributional Effects of Food Price Inflation in the U.S. (PDF,171KB) Leslie McGranahan, Economist, Federal Reserve Bank of Chicago Implications of Increasing Food Prices for Agricultural and Energy Policy (PDF,80KB) Robert L. Thompson, Gardner Chair in Agricultural Policy, University of Illinois at Urbana-Champaign
2:45 p.m.		Session IV: Panel Discussion: What Role Should Food Price Inflation Play in Price Stability and Macroeconomic Policies? Moderator Alan D. Barkema, Senior Vice President, Regional, Public, and Community Affairs Division, Federal Reserve Bank of Kansas City Panelists Food Prices and Inflation (PDF,45KB) Daniel G. Sullivan, Senior Vice President and Director of Research, Federal Reserve Bank of Chicago Food Price Inflation (PDF,25KB) Joseph W. Glauber, Chief Economist, U.S. Department of Agriculture Food Price Inflation and Price Stability (PDF,164KB) Dermot J. Hayes, Professor and Pioneer Chair in Agribusiness, Department of Economics, Iowa State University
4:30 p.m.		Adjournment Last updated: October 3, 2008