The Role of Commodity Prices in Formulating Monetary Policy
研究美国战后时期，货币政策系统性地应对当期大宗商品价格冲击是否有助于稳定经济。结果发现，对意外的大宗商品价格变动做出反应，能降低平均通胀率及其波动性，同时实际增长路径基本不变。
Commodity prices often provide signals about the future direction of the economy, especially inflation. It has been argued, therefore, that the information in commodity prices should be used in formulating monetary policy. This paper investigates whether a systematic monetary policy response to contemporaneous commodity price shocks would have helped stabilize the postwar U.S. economy. The authors' findings suggest that responding to unexpected commodity price movements would have lowered the average rate of inflation and reduced its variability, while the path of real growth would be relatively unchanged. Copyright 1991 by MIT Press.