The informational role of commodity prices in formulating monetary policy: A reexamination

Economics Letters

Volumn 79, Issue 2, 2003, Pages 219-224

  Awokuse, Titus O ^a   Yang, Jian ^b  

^a UNIVERSITY OF DELAWARE   (United States)

^b NONE

Author keywords

Causality; Commodity prices; Monetary policy

Indexed keywords

EID: 0037401455     PISSN: 01651765     EISSN: None     Source Type: Journal    
DOI: 10.1016/S0165-1765(02)00331-2     Document Type: Article

References (15)

1. Barsky, R.B., Kilian, L., 2001. Do We Really Know That Oil Caused the Great Stagflation? A Monetary Alternative. NBER, Working Paper 8386.
2. Bessler, D.A., 1984. Relative Prices and Money: A Vector Autoregression on Brazilian Data. American Journal of Agricultural Economics 66, 25-30.
3. Christiano, L.J., Eichenbaum, M., Evans, C., 1996. The Effects of Monetary Policy Shocks: Evidence from the Flow of Funds. Review of Economics and Statistics 78, 16-34.
4. Cody, B.J., Mills, L.O., 1991. The Role of Commodity Prices in Formulating Monetary Policy. Review of Economics and Statistics 73, 358-365.
5. Dolado, J.J., Lutkepohl, H., 1996. Making Wald Test Work for Cointegrated VAR Systems. Econometrics Reviews 15, 369-386.
6. Engle, R.F., Granger, C.W.J., 1987. Cointegration and Error Correction: Representation, Estimation, and Testing. Econometrica 55, 251-276.
7. Garner, A.C., 1989. Commodity Prices: Policy Target or Information Variable? Journal of Money, Credit, and Banking 21, 508-514.
8. Hua, P., 1998. On Primary Commodity Prices: The Impact of Macroeconomic/Monetary Shocks. Journal of Policy Modeling 20, 767-790.
9. Marquis, M.H., Cunningham, S.R., 1990. Is There a Role of Commodity Prices in the Design of Monetary Policy? Some Empirical Evidence. Southern Economic Journal 57, 394-412.
10. Olivera, J.H.G., 1970. On Passive Money. Journal of Political Economy 78, 805-814.
11. Pindyck, R.S., Rotemberg, J.J., 1990. The Excess Co-movement of Commodity Prices. Economic Journal 100, 1173-1189.
12. Sephton, P.S., 1991. Commodity Prices: Policy Target or Information Variable? A Comment. Journal of Money, Credit, and Banking 23, 260-266.
13. Toda, H.Y., Phillips, P.C.B., 1993. Vector Autoregressions and Causality. Econometrica 61, 1367-1393.
14. Toda, H.Y.,Yamamoto, T., 1995. Statistical Inference in Vector Autoregression with Possibly Integrated Processes. Journal of Econometrics 66, 225-250.
15. Yamada, H., 1998. A Note on the Causality between Export and Productivity. Economics Letters 61, 111-114.