Commodity Prices and Inflation Expectations in the United States:
Gespeichert in:
Internformat
MARC
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| 520 | 3 | |a U.S. monetary policy can remain extraordinarily accommodative only if longer-term inflation expectations stay well-anchored, including in response to commodity price shocks. We find that oil price shocks have a statistically significant, but economically small impact on longer-term inflation compensation embedded in U.S. Treasury bonds. The estimated effect is larger for the post-crisis period, and robust to controlling for measures of liquidity risk premia. Oil price shocks are also correlated with the variance of longer-term inflation expectations in the University of Michigan Survey of Consumers in the post-crisis period. These results are not attributable to looser monetary policy - oil price increases were associated with expectations of a faster monetary tightening after the crisis. Overall, the findings are consistent with some impact of commodity prices on long-term inflation expectations and/or on inflation rate risk | |
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| id | DE-604.BV048344017 |
| illustrated | Not Illustrated |
| indexdate | 2024-12-20T19:42:06Z |
| institution | BVB |
| isbn | 147550263X 9781475502633 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-033723285 |
| oclc_num | 1337130311 |
| open_access_boolean | |
| owner | DE-20 DE-824 DE-70 DE-155 DE-BY-UBR DE-29 DE-22 DE-BY-UBG DE-473 DE-BY-UBG DE-1102 DE-703 DE-859 DE-706 DE-384 DE-860 DE-19 DE-BY-UBM DE-739 DE-355 DE-BY-UBR DE-Aug4 DE-1049 DE-12 DE-91 DE-BY-TUM |
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| physical | 1 Online-Ressource (25 p) |
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| publishDate | 2012 |
| publishDateSearch | 2012 |
| publishDateSort | 2012 |
| publisher | International Monetary Fund |
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| series2 | IMF Working Papers |
| spellingShingle | Celasun, Oya Commodity Prices and Inflation Expectations in the United States |
| title | Commodity Prices and Inflation Expectations in the United States |
| title_auth | Commodity Prices and Inflation Expectations in the United States |
| title_exact_search | Commodity Prices and Inflation Expectations in the United States |
| title_full | Commodity Prices and Inflation Expectations in the United States Celasun, Oya |
| title_fullStr | Commodity Prices and Inflation Expectations in the United States Celasun, Oya |
| title_full_unstemmed | Commodity Prices and Inflation Expectations in the United States Celasun, Oya |
| title_short | Commodity Prices and Inflation Expectations in the United States |
| title_sort | commodity prices and inflation expectations in the united states |
| url | http://elibrary.imf.org/view/IMF001/12711-9781475502633/12711-9781475502633/12711-9781475502633.xml |
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