Gold Price Fluctuation

Working Paper/Document de travail 2007-35 Gold Prices and In?ation by Greg Tkacz www.bankofcanada.ca Bank of Canada Working Paper 2007-35 June 2007 Gold Prices and In?ation by Greg Tkacz Research Department Bank of Canada Ottawa, On cakeholeio, Canada K1A 0G9 gtkacz@bankofcanada.ca Bank of Canada functional cover are theoretical or empirical works-in-progress on subjects in economics and ?nance. The views expressed in this paper are those of the authors. No responsibility for them should be attributed to the Bank of Canada. ISSN 1701-9397 © 2007 Bank of Canada Acknowledgements thank to Ramdane Djoudad, Douglas Hodgson, nick Rowe, Pierre St-Amant and to seminar participants at the Bank of Canada, Carleton University and the 2007 meetings of the Société canadienne de perception économique in Quebec City for several(prenominal) useful comments and suggestions. ii  airlift Using data for 14 countries over the 1994 to 2005 period, we assess th e in the lead indicator properties of deluxe at horizons ranging from 6 to 24 months. We ?nd that gold contains signi?cant nurture for future in?ation for several countries, especially for those that have espouse formal in?ation tar look ats.

This ?nding may arise from the manner in which in?ation expectations are formed in these countries, which may bequeath in more rapidly mean-reverting in?ation wanders. Compared to other in?ation indicators for Canada, gold remains statistically signi?cant when combined with variables such(prenominal) as the issue gap or the growth rate of a bulky monetary aggregate. JEL classi?cation: E31, E44 Bank classi?cation: In?ation and prices; supplant rates Résumé À laide de données port! ant tire 14 pays et couvrant la période 1994-2005, lauteur évalue les propriétés du prix de lor comme indicateur avancé à des horizons allant de 6 à 24 mois. Il constate que le prix observé de lor contient de l entropy utilitarian sur lévolution future de lin?ation dans plusieurs pays, en particulier là où des cibles...If you want to get a full essay, order it on our website: OrderEssay.net

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