The Impact of Monetary Policy Shocks on Commodity Prices

Alessio Anzuini, Marco Lombardi and Patrizio Pagano ()

International Journal of Central Banking, 2013, vol. 9, issue 3, 125-150

Abstract: Global monetary conditions are often cited as a driver of commodity prices. This paper investigates the empirical relationship between U.S. monetary policy and commodity prices by means of a standard VAR system, commonly used in analyzing the effects of monetary policy shocks. The results suggest that expansionary U.S. monetary policy shocks drive up the broad commodity price index and all of its components. While these effects are significant, they do not, however, appear to be overwhelmingly large.

JEL-codes: C32 E31 E40 (search for similar items in EconPapers)
Date: 2013
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Citations: View citations in EconPapers (63)

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Related works:
Working Paper: The impact of monetary policy shocks on commodity prices (2012)
Working Paper: The impact of monetary policy shocks on commodity prices (2010)
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Persistent link: https://EconPapers.repec.org/RePEc:ijc:ijcjou:y:2013:q:3:a:4

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