Interest rate dynamics and commodity prices

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY

Accounts of Chemical Research Pub Date : 2024-09-21 DOI:10.1016/j.jet.2024.105915

Christophe Gouel , Qingyin Ma , John Stachurski

引用次数: 0

Abstract

In economic studies and popular media, interest rates are routinely cited as a major factor behind commodity price fluctuations. At the same time, the transmission channels are far from transparent, leading to long-running debates on the sign and magnitude of interest rate effects. Purely empirical studies struggle to address these issues because of the complex interactions between interest rates, prices, supply changes, and aggregate demand. To move this debate to a solid footing, we extend the competitive storage model to include stochastically evolving interest rates. We establish general conditions for existence and uniqueness of solutions and provide a systematic theoretical and quantitative analysis of the interactions between interest rates and prices.

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利率动态和商品价格

在经济研究和大众媒体中，利率通常被认为是商品价格波动的一个主要因素。与此同时，传导渠道却远不透明，导致人们对利率效应的符号和大小争论不休。由于利率、价格、供应变化和总需求之间存在复杂的相互作用，纯粹的经验研究难以解决这些问题。为了使这一争论有一个坚实的基础，我们扩展了竞争性存储模型，将随机变化的利率纳入其中。我们建立了解的存在性和唯一性的一般条件，并对利率和价格之间的相互作用进行了系统的理论和定量分析。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.