Worthington, Andrew C.; Pahlavani, Mosayeb - In: Applied Financial Economics Letters 3 (2007) 4, pp. 259-262
This note tests for the presence of a stable long-run relationship between the price of gold and inflation in the United States from 1945 to 2006 and from 1973 to 2006. Since both the gold market and the inflationary regime have been subjected to structural change over time, a novel unit root...