商品期货和通货膨胀趋势

IF 0.4 Q4 BUSINESS, FINANCE

Journal of Alternative Investments Pub Date : 2023-08-14 DOI:10.3905/jai.2023.1.198

Marc Fandetti

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引用次数: 0

摘要

虽然商品期货可以抵御商品通胀，但它们与趋势通胀指标的关系较弱。大宗商品期货似乎无法对冲来自食品和能源以外行业的通胀冲动，也无法应对能源价格的长期相对上涨。虽然这样的事件很少发生，但作者提醒不要认为它们不重要。他得出结论，大宗商品的通胀对冲收益可能取决于通胀的来源和持续性，不应将其描述为无条件的通胀对冲。

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Commodity Futures and Trend Inflation

While commodity futures protect against commodity inflation, their relationship with measures of trend inflation is weak. Commodity futures do not appear to hedge inflation impulses coming from sectors other than food and energy, nor are they responsive to long-term relative rises in energy prices. While such episodes have been rare, the author cautions against assuming they are unimportant. He concludes that inflation-hedging benefits of commodities may depend on the source and persistence of inflation and they should not be described as an inflation hedge without qualification.

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来源期刊

Journal of Alternative Investments BUSINESS, FINANCE-

CiteScore

1.50

自引率

14.30%

发文量

期刊介绍： The Journal of Alternative Investments (JAI) provides you with cutting-edge research and expert analysis on managing investments in hedge funds, private equity, distressed debt, commodities and futures, energy, funds of funds, and other nontraditional assets. JAI is the official publication of the Chartered Alternative Investment Analyst Association (CAIA®). JAI provides you with challenging ideas and practical tools to: •Profit from the growth of hedge funds and alternatives •Determine the optimal mix of traditional and alternative investments •Measure and track portfolio performance •Manage your alternative investment portfolio with proven risk management practices