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قیمت کالا
The empirical literature on the relationship between commodity prices and monetary policy is varied.
Nevertheless, other studies, with the application of multivariate VAR models, focus on the relationship between commodity prices and nominal variables in order to evaluate the different effects of commodity price shocks on nominal economic variables such as GDP growth or inflation within a few countries (Blanchard and Galí, 2008, Gregorio et al.
commodity prices on inflation in more details and conclude that the effect of commodity prices differs through the time.
(2007), by using a multivariate VAR model, investigated the impact of different factors on commodity prices and found out that the most significant factor driving commodity prices is world demand.
(2007) investigated the drivers of commodity prices, Clark and Terry (2010) estimated Bayesian VAR, thus VAR which allows that both coefficient drift and stochastic volatility helps to investigate the pass through channel from commodity price inflation to core inflation.
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