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The Effects On Commodity Prices Of Extraordinary Monetary Policy

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  • AMATOV, AITBEK
  • DORFMAN, JEFFREY H.

Abstract

This article examines the relationship between Federal Reserve monetary policy and other macroeconomic indicators to both a broad commodity price index and an agricultural commodity price index by employing a vector error correction model. Excessive liquidity and the recent long period of ultralow interest rates appear to have played a statistically significant role in affecting prices in the commodities markets. The responses of commodity prices to monetary policy that we estimate generally conform to earlier findings, but the sensitivity of the responses appears different in the face of the unprecedented scope of recent Fed activism.

Suggested Citation

  • Amatov, Aitbek & Dorfman, Jeffrey H., 2017. "The Effects On Commodity Prices Of Extraordinary Monetary Policy," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 49(1), pages 83-96, February.
    • Handle: RePEc:cup:jagaec:v:49:y:2017:i:01:p:83-96_00
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    Cited by:

    1. Jin, Jiayu & Han, Liyan & Xu, Yang, 2022. "Does the SDR stabilize investing in commodities?," International Review of Economics & Finance, Elsevier, vol. 81(C), pages 160-172.
    2. Sun, Zhining & Katchova, Ani, 2023. "Impact of Interest Rates on Agricultural Commodity Price Dynamics," 2023 Annual Meeting, July 23-25, Washington D.C. 335682, Agricultural and Applied Economics Association.
    3. Paweł Mielcarz & Dmytro Osiichuk & Jarosław Cymerski, 2020. "Algorithmic Sangfroid? The Decline of Sensitivity of Crude Oil Prices to News on Potentially Disruptive Terror Attacks and Political Unrest," Sustainability, MDPI, vol. 13(1), pages 1-24, December.
    4. Arash Ketabforoush Badri, 2022. "The Monetary Policy Shocks and the Price of Selected Oil Commodity Groups in Iran," Noble International Journal of Economics and Financial Research, Noble Academic Publsiher, vol. 7(3), pages 51-59, September.
    5. Sima Siami‐Namini, 2021. "U.S. Monetary Policy and Commodity Prices: A SVECM Approach," Economic Papers, The Economic Society of Australia, vol. 40(4), pages 288-312, December.

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