Economics, Econometrics and Finance
4 years ago

US Monetary Policy Shocks Cause Commodity Prices to Overshoot Equilibrium

The effect of monetary policy on commodity prices : disentangling the evidence for individual prices
Carolina Arteaga, Joan Camilo Granados-Castro, Jair N. Ojeda‐Joya

Paper Summary

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The article examines how changes in US monetary policy affect individual commodity prices in Colombia. By analyzing data from 1980 to 2010, the researchers found that when US monetary policy tightens, commodity prices in Colombia go above their normal levels. This effect is stronger for individual prices than for overall price indices. The study also shows that fluctuations in commodity prices are largely influenced by changes in monetary policy.