Dean Scrimgeour: Monetary Policy Shocks and Commodity Prices...

Macro lunch...

"Is this for or against Jeff Frankel?" "How about orthogonal? As orthogonal as possible..."

• Barsky and Killian (2001)
• Barsky and Killian (2004)
• Frankel (2006)
• Scrimgeour (2008)
• Cook and Hahn (1989)
• Bernanke and Kuttner

• Kuttner (2001) -- fed funds futures shock...

• Volatility

• Recent elevated commodity prices
• Dornbusch overshooting model--commodity prices as asset prices