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http://hdl.handle.net/10419/45904
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| Title: | | The effect of inflation on real commodity prices  |
| Authors: | | Reicher, Christopher Phillip Utlaut, Johannes Friederich |
| Issue Date: | | 2011 |
| Series/Report no.: | | Kiel Working Papers 1704 |
| Abstract: | | Recent research has shown that economic conditions have an important effect on real commodity prices. We quantify the contribution of fluctuations in inflation to this particular link. In the data, a temporary rise in inflation causes real commodity prices to rise, as does a rise in trend inflation. We find that a simple dynamic equilibrium model of commodity supply and demand gives a realistic response of real commodity prices to inflation. Based on historical simulations, shocks to inflation played an important role in commodity price dynamics during the 1970s, but they have contributed negligibly to commodity price movements since then. |
| Subjects: | | Commodity prices monetary policy inflation the 1970s |
| JEL: | | E31 E52 E65 Q00 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Publikationen von Forscherinnen und Forschern des IfW Kieler Arbeitspapiere, IfW
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