Research Article
The Effect of Monetary Policy on Commodity Prices: Disentangling the Evidence for Individual Prices
| Variable | ERS | KPSS | Ng Perron | Model |
| Federal funds rate | I (1) | I (1) | I (1) | Constant and trend | Exchange rate | I (1) | I (1) | I (1) | Constant | World GDP | I (1) | I (1) | I (1) | Constant | US GDP | I (1) | I (1) | I (1) | Constant and trend | M2 | I (1) | I (1) | I (1) | Constant | Coal price | I (1) | I (1) | I (1) | Constant | Nickel price | I (0) (I (1) with 1%) | I (1) | I (1) | Constant and trend | Oil price | I (1) | I (1) | I (1) | Constant and trend | Gold price | I (1) | I (1) | I (1) | Constant and trend | CRB index | I (1) | I (1) | I (1) | Constant and trend | US CPI | I (1) | I (1) | I (1) | Constant and trend |
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