Monetary conditions and metal prices

References

• Ai, C., Chatrath, A. and Song, F. (2006) On the co-movement of commodity prices, American Journal of Agricultural Economics, 88, 574–88.
   Web of Science ®Google Scholar
• Akram, F. Q. (2009) Commodity prices, interest rates, and the dollar, Energy Economics, 31, 838–51.
   Web of Science ®Google Scholar
• Anzuini, A., Lombardi, M. J. and Pagano, P. (2010) The impact of monetary policy shocks on commodity prices. ECB Working Paper 1232, European Central Bank, Frankfurt.
   Google Scholar
• Baffes, J. (1997) Explaining stationary variables with nonstationary regressors, Applied Economics Letters, 4, 69–75.
   Web of Science ®Google Scholar
• Baffes, J. and Dennis, A. (2013) Long-term drivers of food prices. Policy Research Working Paper 6455, World Bank, Washington, DC.
   Google Scholar
• Barsky, R. and Kilian, L. (2001) Do we really know that oil caused the great stagflation? A Monetary alternative, NBER Macroeconomics Annual, 16, 137–83.
   Web of Science ®Google Scholar
• Borensztein, E. and Reinhart, C. M. (1994) The macroeconomic determinants of commodity prices. IMF Working Paper 94/9, International Monetary Fund, Washington, DC.
   Google Scholar
• Caballero, R. J., Farhi, E. and Gourinchas, P.-O. (2008) Financial crash, commodity prices, and global imbalances, Brookings Papers on Economic Activity, 2, 1–55.
   Google Scholar
• Calvo, G. (2008) Exploding commodity prices, lax monetary policy, and sovereign wealth funds. Available at http://www.voxeu.org/index.php?q=node/1244 (accessed 11 November 2013).
   Google Scholar
• Cooper, R. N. and Lawrence, R. Z. (1975) The 1972–75 commodity boom, Brookings Papers on Economic Activity, 3, 672–715.
   Google Scholar
• Deaton, A. and Laroque, G. (1992) On the behaviour of commodity prices, Review of Economic Studies, 59, 1–23.
   Web of Science ®Google Scholar
• Devarajan, S. and Fisher, A. C. (1981) Hotelling’s ‘economics of natural resources’: fifty years later, Journal of Economic Literature, 19, 65–73.
   Web of Science ®Google Scholar
• Dickey, D. A. and Fuller, W. A. (1979) Distribution of the estimators for autoregressive time series with a unit root, Journal of the American Statistical Association, 74, 427–31. 
   Web of Science ®Google Scholar
• Dobbs, R., Oppenheim, J., Thompson, F. et al. (2013) Resource Revolution: Tracking Global Commodity Markets, McKinsey Global Institute, McKinsey&Company. Available at http://www.mckinsey.com/insights/energy_resources_materials/resource_revolution_tracking_global_commodity_markets (accessed 19 November 2013). 
   Google Scholar
• Frankel, J. A. (1984) Commodity prices and money: lessons from international finance, American Journal of Agricultural Economics, 66, 550–66.
   Web of Science ®Google Scholar
• Frankel, J. A. and Rose, A. K. (2010) Determinants of agricultural and mineral commodity prices, in Inflation in an Era of Relative Price Shocks, Fry, R., Jones C. and Kent, C. (Eds), Reserve Bank of Australia and Centre for Applied Macroeconomic Research, Sydney, pp. 9–51.
   Google Scholar
• Gardner, B. (1981) On the power of macroeconomic linkages to explain events in US agriculture, American Journal of Agricultural Economics, 63, 871–8.
   Web of Science ®Google Scholar
• Gilbert, C. L. (1989) The impact of exchange rates and developing country debt on commodity prices, Economic Journal, 99, 773–83.
   Web of Science ®Google Scholar
• Holtham, G. H. (1988) Modeling commodity prices in a world macroeconomic model, in International Commodity Market Models and Policy Analysis, Guvenen, O. (Ed), Kluwer Academic Publishers, Boston, MA.
   Google Scholar
• Hotelling, H. (1931) The economics of exhaustible resources, Journal of Political Economy, 39, 137–75.
   Web of Science ®Google Scholar
• Houthakker, H. S. (1975) Comments and discussion on ‘The 1972–75 Commodity Boom’ by Richard N. Cooper and Robert Z. Lawrence, Brookings Papers on Economic Activity, 3, 718–20.
   Google Scholar
• IMF (2013) Multinational policy issues report: 2013 spillover report, International Monetary Fund, Washington, DC.
   Google Scholar
• Issler, J. V., Rodrigues, C. and Burjack, R. (2013) Using common features to understand the behavior of metal-commodity prices and forecast them at different horizons, Journal of International Money and Finance, 38. doi:10.1016/j.jimonfin.2013. 08.017
   Google Scholar
• Labys, W. C., Achouch, A. and Terraza, M. (1999) Metal prices and the business cycle, Resources Policy, 25, 229–38.
   Web of Science ®Google Scholar
• Lamm, M. R., Jr. (1980) The role of agriculture in the macroeconomy: a sectoral analysis, Applied Economics, 12, 19–35.
   Web of Science ®Google Scholar
• McKinnon, R. and Liu, Z. (2012) Hot money flows, commodity price cycles, and financial repression in the U.S. and China: the consequences of near zero US interest rates. Mimeo, Stanford University, Stanford, CA.
   Google Scholar
• Medlock, K. B., III and Jaffe, A. M. (2009) Who is in the oil futures market and how has it changed? Mimeo, James Baker III Institute for Public Policy, Rice University, Houston, TX.
   Google Scholar
• Pedroni, P. (2004) Panel cointegration: asymptotic and finite sample properties of pooled time series tests with an application to the PPP hypothesis, Econometric Theory, 20, 597–625.
   Web of Science ®Google Scholar
• Phillips, P. C. B. and Perron, P. (1988) Testing for a unit root in time series regression, Biometrika, 75, 335–46. 
   Web of Science ®Google Scholar
• Pindyck, R. S. and Rotemberg, J. J. (1990) The excess co-movement of commodity prices, Economic Journal, 100, 1173–89.
   Web of Science ®Google Scholar
• Radetzki, M., Eggert, R. G., Lagos, G. et al. (2008) The boom in mineral markets: how long might it last?, Resources Policy, 33, 125–8.
   Web of Science ®Google Scholar
• Reinhart, C. M. (1991) Fiscal policy, the real exchange rate, and commodity prices, IMF Staff Papers, 38, 506–24.
   Google Scholar
• Scrimgeour, D. (2010) Commodity Price Responses to Monetary Policy Surprises, Mimeo, Colgate University, New York.
   Google Scholar
• Stein, J. L. (1986) The Economics of Futures Markets, Basil Blackwell, Oxford.
   Google Scholar
• Turnovsky, S. J. (1983) The determinants of spot and futures prices with storable commodities, Econometrica, 51, 1363–87.
   Web of Science ®Google Scholar
• World Bank (2009) Global Economic Prospects: Commodities at the Crossroads, World Bank, Washington, DC.
   Google Scholar