商品价格和国际通货膨胀，1851-1913 年

IF 2.8 2区经济学 Q2 BUSINESS, FINANCE

Journal of International Money and Finance Pub Date : 2024-05-11 DOI:10.1016/j.jimonfin.2024.103097

Stefan Gerlach , Rebecca Stuart

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引用次数: 0

摘要

本文利用年度数据研究了 1851 年至 1913 年期间 15 个经济体的商品价格对消费价格的影响。我们计算了商品价格共同部分的一个简单测量值，它与国际商业周期共同变动，并导致消费者价格通胀。在 15 个经济体中，有 14 个经济体的商品价格在通过 OLS 估计的标准通货膨胀方程中具有显著性。使用实际航运成本作为工具来估算这些方程表明，与国际商业周期引起的需求变化相关的商品价格变动对通货膨胀的影响特别大。

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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Commodity prices and international Inflation, 1851–1913

This paper uses annual data to study the impact of commodity prices on consumer prices in 15 economies from 1851 to 1913. We calculate a simple measure of the common component of commodity prices which co-moves with the international business cycle and Granger causes consumer price inflation. Commodity prices are significant in standard inflation equations estimated by OLS in 14 of 15 economies. Estimating these equations using real shipping costs as an instrument suggests that commodity price movements associated with shifts in demand arising from international business cycles have a particularly large impact on inflation.

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来源期刊

Journal of International Money and Finance BUSINESS, FINANCE-

CiteScore

4.20

自引率

4.00%

发文量

141

期刊介绍： Since its launch in 1982, Journal of International Money and Finance has built up a solid reputation as a high quality scholarly journal devoted to theoretical and empirical research in the fields of international monetary economics, international finance, and the rapidly developing overlap area between the two. Researchers in these areas, and financial market professionals too, pay attention to the articles that the journal publishes. Authors published in the journal are in the forefront of scholarly research on exchange rate behaviour, foreign exchange options, international capital markets, international monetary and fiscal policy, international transmission and related questions.