Commodity Price Dynamics and Anticipated Shocks
检验农产品价格超调假说的稳健性，发现预期货币冲击下农产品价格可能低于长期水平，且若制成品价格瞬时调整则必然出现低冲。
Abstract In this paper we address the robustness of overshooting hypothesis in agricultural prices. We find that agricultural prices may undershoot their long‐run level if the economy experiences an anticipated monetary shock rather than an unanticipated monetary shock. We also find that agricultural prices definitely display undershooting if the price of manufactures adjusts instantaneously rather than sluggishly.