Monetary policy spillovers, global commodity prices and cooperation

Andrew Filardo (), Marco Lombardi, Carlos Montoro and Massimo Ferrari Minesso

No 2018-002, Working Papers from Banco Central de Reserva del Perú

Abstract: How do monetary policy spillovers complicate the trade-offs faced by central banks face when responding to commodity prices? This question takes on particular relevance when monetary authorities find it difficult to accurately diagnose the drivers of commodity prices. If monetary authorities misdiagnose commodity price swings as being driven primarily by external supply shocks when they are in fact driven by global demand shocks, this conventional wisdom – to look through the first-round effects of commodity price fluctuations – may no longer be sound policy advice.

Keywords: commodity prices; monetary policy; spillovers; global economy (search for similar items in EconPapers)
JEL-codes: E52 E61 (search for similar items in EconPapers)
Date: 2018-02
New Economics Papers: this item is included in nep-agr, nep-cba, nep-mac and nep-mon
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Working Paper: Monetary policy spillovers, global commodity prices and cooperation (2018)
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Persistent link: https://EconPapers.repec.org/RePEc:rbp:wpaper:2018-002

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