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Output, inflation and commodity prices
- Source :
- Oxford Economic Papers. July, 1992, Vol. 44 Issue 3, p355, 18 p.
- Publication Year :
- 1992
-
Abstract
- The role of commodity prices in the determination of output, inflation and other macroeconomic processes is examined, assuming forward-looking expectations of commodity stockholders. The model is later extended by the assumption of imperfect substitution between financial assets and commodities. The results emphasize the neutrality of monetary contraction in the steady state, and that non-linearity causes the effect of interest rateson commodity prices to remain ambiguous.
Details
- ISSN :
- 00307653
- Volume :
- 44
- Issue :
- 3
- Database :
- Gale General OneFile
- Journal :
- Oxford Economic Papers
- Publication Type :
- Academic Journal
- Accession number :
- edsgcl.13855330