TY  - BOOK
AU  - Thornton,John
AU  - García-Herrero,Alicia
AU  - Thornton,John
TI  - World Commodity Prices as a Forecasting Tool for Retail Prices: Evidence From the United Kingdom 
T2  - IMF Working Papers; Working Paper
SN  - 1451960476 :
SN  - 1018-5941
PY  - 1997///
CY  - Washington, D.C.
PB  - International Monetary Fund
KW  - Aggregate Demand
KW  - imf
KW  - Commodity Prices
KW  - Inflation Targeting
KW  - Inflation
KW  - Monetary Authorities
KW  - United Kingdom
N2  - This paper investigates, using cointegration and Granger-causality techniques, whether a stable long-run co-movement exists between world commodity prices and U.K. retail prices, and whether short-run changes in commodity prices convey information about future movements in U.K. retail prices. The results show noncointegration and no unidirectional Granger causality from commodity to retail prices. These findings suggest that little may be gained from using developments in commodity prices to forecast movements in retail prices in the inflation-targeting framework followed by the U.K. monetary authorities
UR  - http://elibrary.imf.org/view/IMF001/07973-9781451960471/07973-9781451960471/07973-9781451960471.xml
UR  - http://www.imfbookstore.org/IMFORG/9781451960471
ER  -