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What is Commodity Prices and Monetary Policy Insights about?

This paper investigates the role of commodity prices in formulating U.S. monetary policy from 1957 to 2011 using frequency domain causality tests. The findings reveal that non-oil commodity prices were useful for monetary policy in the 1970s and early 1980s, but this usefulness has diminished since then, while oil prices remain relevant. The study emphasizes the changing predictive power of commodity prices over time, providing insights for policymakers on their informational role in monetary policy.

Author

bajaj.priyanca

Language

EN