The Effect of Monetary Policy on Real Commodity Prices

作者：Jeffrey A. Frankel · 年份：2008 · DOI：10.7208/chicago/9780226092126.003.0008 · 被引用次数：340 · 研究领域：Market Dynamics and Volatility、Monetary Policy and Economic Impact

This chapter examines the connections between commodities and monetary policy. The main argument is that monetary policy, as reflected in real interest rates, is an important—and usually underappreciated—determinant of the real prices of oil and other mineral and agricultural products. It analyzes the monetary influences on commodity prices—first for a large country, then for a small one. It concludes with a viewpoint based on reverse causality: the possible influence of commodity prices on monetary policy in a consideration of what price index to use for the nominal anchor.