The Effect of Monetary Policy on Commodity Prices: Disentangling the Evidence for Individual Prices

Table 5

Cointegration trace test (amplified system of variables).

Cointegration analysis: trace test
VAR models
Oil	0,000	0,000	0,000	0,003	0,036	0,814
Gold	0,000	0,000	0,000	0,005	0,040	0,115
Coal	0,000	0,000	0,000	0,001	0,057	0,920
Nickel	0,000	0,000	0,001	0,013	0,108	0,753
CRB	0,000	0,000	0,004	0,050	0,180	0,627