Jump to ContentJump to Main Navigation
Asset Prices and Monetary Policy$
Users without a subscription are not able to see the full content.

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

Show Summary Details
Page of

PRINTED FROM CHICAGO SCHOLARSHIP ONLINE (www.chicago.universitypressscholarship.com). (c) Copyright University of Chicago Press, 2022. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in CHSO for personal use.date: 26 May 2022

The Effect of Monetary Policy on Real Commodity Prices

The Effect of Monetary Policy on Real Commodity Prices

(p.291) 7 The Effect of Monetary Policy on Real Commodity Prices
Asset Prices and Monetary Policy

Jeffrey A. Frankel

University of Chicago Press

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

Chicago Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs, and if you can't find the answer there, please contact us.