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Commodity Prices as a Guide for Monetary Policy: Evidence from the United Kingdom

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Commodity prices and U.K. retail prices do not appear to be cointegrated and short-run movements in commodity prices convey little information about future movements in U.K. retail prices. These findings, which may reflect the shift in final demand away from goods with a high commodity content, suggest that the U.K. monetary authorities would gain little by using developments in commodity prices as a guide to formulating monetary policy.

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  • Thornton, John & Garcia-Herrero, Alicia, 1996. "Commodity Prices as a Guide for Monetary Policy: Evidence from the United Kingdom," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, vol. 49(3), pages 439-446.
    • Handle: RePEc:ris:ecoint:0364
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