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Have not read the paper yet, but this is consistent with what I would intuitively expect; demand shocks have greater persistence than supply shocks on commodity prices.
This has been my simple view since the oil price crash. Without demand from Mars or some other extraterrestrial entity, I don't see a source of demand great enough to sustainably drive prices back up. I am, admittedly, a commodities moron tho.
Also, @pearkes yelled at me about the above chart, so I tried to redo it a little more realistically, but the same principle holds
