Analysis of the Link between Ethanol, Energy, and Crop Markets, An
分析汽油、玉米和糖的价格冲击如何影响美国和巴西的乙醇及农业市场，发现车辆构成决定乙醇消费对汽油价格的反应，原料成本影响乙醇盈利和价格。
This study analyzes the impact of price shocks in three input and output markets critical to ethanol: gasoline, corn, and sugar. We investigate the impact of these shocks on ethanol and related agricultural markets in the United States and Brazil. We find that the composition of a country's vehicle fleet determines the direction of the response of ethanol consumption to changes in the gasoline price. We also find that a change in feedstock costs affects the profitability of ethanol producers and the domestic ethanol price. In Brazil, where two commodities compete for sugarcane, changes in the sugar market affect the competing ethanol market.