Communication matters: US monetary policy and commodity price volatility

被引：21

作者：

Hayo, Bernd ^{[1
]}

Kutan, Ali M. ^{[2
,3
]}

Neuenkirch, Matthias ^{[1
]}

机构：

[1] Univ Marburg, Fac Business Adm & Econ, D-35032 Marburg, Germany

[2] So Illinois Univ, Dept Econ & Finance, Edwardsville, IL 62026 USA

[3] Emerging Markets Grp, London, England

来源：

ECONOMICS LETTERS | 2012年 / 117卷 / 01期

关键词：

Central bank communication; Commodities; Federal Reserve; Monetary policy; Price volatility;

D O I：

10.1016/j.econlet.2012.05.018

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We analyze the influence of US monetary policy on commodity price volatility. Expected target rate changes and communications decrease volatility, whereas target rate surprises and unorthodox measures increase it. The "calming" effect of communication is reduced during the financial crisis. (C) 2012 Elsevier B.V. All rights reserved.

引用

页码：247 / 249

页数：3

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