Belke, Ansgar; Bordon, Ingo G.; Hendricks, Torben - 2010
This paper examines the interactions between money, interest rates, goods and commodity prices at a global level. For …, money (defined as a global liquidity aggregate) is still a key factor to determine the long-run homogeneity of commodity … and are stable for varying compositions of the commodity indices. The empirical evidence is in line with theoretical …