The information role of commodity prices in formulating monetary policy: some evidence from Japan

Shigeyuki Hamori

Economics Bulletin, 2007, vol. 5, issue 13, 1-7

Abstract: This paper uses the BOJ index published by the Bank of Japan to empirically analyze the relationship between the commodity price index and macroeconomic variables in Japan. The BOJ index was found to be valid as a leading indicator of the consumer price index before the zero interest policy was introduced. Afterwards, however, this relationship ceased to exist.

Keywords: causality (search for similar items in EconPapers)
JEL-codes: E3 E5 (search for similar items in EconPapers)
Date: 2007-08-14
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Citations: View citations in EconPapers (3)

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