Monetary Policy and Commodity Prices: an endogenous analysis using an SVAR approach

Borradores de Economia
Number: 
610
Published: 
Classification JEL: 
C32, E31, E52, G14
Keywords: 
Human capital agglomeration, Social returns, Private returns, Externalities, Uncertainty, Fiscal policy
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This work analyzes the relationship between real interest rates and commodity prices. According to Frankel's hypothesis (1986-2006): "low real interest rates lead to high real commodity prices". However, some empirical evidence suggests that commodity pri