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What are the implications of rising commodity prices for inflation and monetary policy?

Author

Listed:
  • Charles L. Evans
  • Jonas D. M. Fisher

Abstract

The recent run-ups in oil and other commodity prices and their implications for inflation and monetary policy have grabbed the attention of many commentators in the media. Clearly, higher prices of food and energy end up in the broadest measures of consumer price inflation, such as the Consumer Price Index. Since the mid-1980s, however, sharp increases and decreases in commodity prices have had little, if any, impact on core inflation, the measure that excludes food and energy prices.

Suggested Citation

  • Charles L. Evans & Jonas D. M. Fisher, 2011. "What are the implications of rising commodity prices for inflation and monetary policy?," Chicago Fed Letter, Federal Reserve Bank of Chicago, issue May.
  • Handle: RePEc:fip:fedhle:y:2011:i:may:n:286
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    File URL: http://www.chicagofed.org/digital_assets/publications/chicago_fed_letter/2011/cflmay2011_286.pdf
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    Citations

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    Cited by:

    1. Gubler, Matthias & Hertweck, Matthias S., 2013. "Commodity price shocks and the business cycle: Structural evidence for the U.S," Journal of International Money and Finance, Elsevier, vol. 37(C), pages 324-352.
    2. Williams, John C., 2015. "The view from here: outlook and monetary policy," FRBSF Economic Letter, Federal Reserve Bank of San Francisco.
    3. Williams, John C., 2015. "Looking forward: the path for monetary policy," FRBSF Economic Letter, Federal Reserve Bank of San Francisco.
    4. Karol Szafranek, 2015. "Financialisation of the commodity markets. Conclusions from the VARX DCC GARCH," EcoMod2015 8554, EcoMod.
    5. Juan Carlos Berganza & Pedro del Río & Fructuoso Borrallo, 2016. "Determinants and implications of low global inflation rates," Occasional Papers 1608, Banco de España;Occasional Papers Homepage.
    6. repec:ora:jrojbe:v:3:y:2018:i:1:p:17-31 is not listed on IDEAS
    7. Williams, John C., 2015. "Looking forward, forward looking: the path for monetary policy," Speech 138, Federal Reserve Bank of San Francisco.

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