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Shigeyuki Hamori
''The information role of commodity prices in formulating monetary policy: some evidence from Japan''
( 2007, Vol. 5 No.13 )
This paper uses the BOJ index published by the Bank of Japan to empirically analyze the relationship between the commodity price index and macroeconomic variables in Japan. The BOJ index was found to be valid as a leading indicator of the consumer price index before the zero interest policy was introduced. Afterwards, however, this relationship ceased to exist.
Keywords: causality
JEL: E3 - Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data)
E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit: General
Manuscript Received : Nov 27 2006 Manuscript Accepted : Aug 14 2007

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