Commodity Prices as a Guide for Monetary Policy: Evidence from the United Kingdom

John Thornton and Alicia Garcia-Herrero ()
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Alicia Garcia-Herrero: International Monetary Fund, Postal: 700 19th Street NW Washington DC 20431 U.S.A., http://www.imf.org/external/
Authors registered in the RePEc Author Service: Alicia Garcia Herrero

Economia Internazionale / International Economics, 1996, vol. 49, issue 3, 439-446

Abstract: Commodity prices and U.K. retail prices do not appear to be cointegrated and short-run movements in commodity prices convey little information about future movements in U.K. retail prices. These findings, which may reflect the shift in final demand away from goods with a high commodity content, suggest that the U.K. monetary authorities would gain little by using developments in commodity prices as a guide to formulating monetary policy.

Date: 1996
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Persistent link: https://EconPapers.repec.org/RePEc:ris:ecoint:0364

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