Commodity Prices: Policy Target or Information Variable?: Note
探讨商品价格在货币政策制定中的适当角色，分析货币增长与经济活动关系不可靠时，美联储是否应更多关注商品价格波动。
The relationship between growth of the monetary aggregates and growth of nominal GNP has become less dependable in the 1980s. Deposit deregulation and large fluctuations in interest rates have produced sharp changes in the income velocity of money. These velocity shifts have, at times, caused the Federal Reserve to miss or modify its money growth ranges. Because of the undependable relationship between money growth and economic activity, some policymakers and economic analysts have argued that the Federal Reserve should pay more attention to commodity price fluctuations. This paper examines the proper role for commodity prices in the formation of monetary policy.