Communication matters: US monetary policy and commodity price volatility

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• 作者：Bernd Hayo ; Ali M. Kutan ; Matthias Neuenkirch
• 关键词：E52 ; E58 ; G14 ; Q10 ; Q40
• 刊名：Economics Letters
• 出版年：2012
• 出版时间：October, 2012
• 年：2012
• 卷：117
• 期：1
• 页码：247-249
• 全文大小：186 K

文摘

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.