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Asset Prices and Monetary Policy$
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John Y. Campbell

Print publication date: 2008

Print ISBN-13: 9780226092119

Published to Chicago Scholarship Online: February 2013

DOI: 10.7208/chicago/9780226092126.001.0001

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The Effect of Monetary Policy on Real Commodity Prices

The Effect of Monetary Policy on Real Commodity Prices

Chapter:
(p.291) 7 The Effect of Monetary Policy on Real Commodity Prices
Source:
Asset Prices and Monetary Policy
Author(s):

Jeffrey A. Frankel

Publisher:
University of Chicago Press
DOI:10.7208/chicago/9780226092126.003.0008

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.

Keywords:   commodities, monetary policy, price index, interest rates, oil, mineral, agricultural products, commodity prices

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