Commodity prices: policy target or information variable?: An article from: Journal of Money, Credit & Banking
Book Details
Author(s)C. Alan Garner
PublisherOhio State University Press
ISBN / ASINB0008MFM9Y
ISBN-13978B0008MFM91
MarketplaceFrance 🇫🇷
Description
This digital document is an article from Journal of Money, Credit & Banking, published by Ohio State University Press on November 1, 1989. The length of the article is 2474 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.
From the supplier: Monetary policy makers have recently expressed interest in using a commodity price index as a policy guide. Although a commodity price index might give useful information about inflationary pressures, empirical evidence shows commodity prices would not be a good policy target. Granger tests and variance decompositions imply that commodity prices can improve forecasts of the CPI. However, stabilizing commodity prices would not guarantee a stable general price level because commodity prices and consumer prices can drift apart over time. Moreover, the ability of the Federal Reserve to control commodity prices without direct commodity market intervention is open to doubt. (Printed by permission of the publisher.)
Citation Details
Title: Commodity prices: policy target or information variable?
Author: C. Alan Garner
Publication:Journal of Money, Credit & Banking (Refereed)
Date: November 1, 1989
Publisher: Ohio State University Press
Volume: v21 Issue: n4 Page: p508(7)
Distributed by Thomson Gale
From the supplier: Monetary policy makers have recently expressed interest in using a commodity price index as a policy guide. Although a commodity price index might give useful information about inflationary pressures, empirical evidence shows commodity prices would not be a good policy target. Granger tests and variance decompositions imply that commodity prices can improve forecasts of the CPI. However, stabilizing commodity prices would not guarantee a stable general price level because commodity prices and consumer prices can drift apart over time. Moreover, the ability of the Federal Reserve to control commodity prices without direct commodity market intervention is open to doubt. (Printed by permission of the publisher.)
Citation Details
Title: Commodity prices: policy target or information variable?
Author: C. Alan Garner
Publication:Journal of Money, Credit & Banking (Refereed)
Date: November 1, 1989
Publisher: Ohio State University Press
Volume: v21 Issue: n4 Page: p508(7)
Distributed by Thomson Gale
