Tai, Meng-Yi; Chao, Chi-Chur; Hu, Shih-Wen; Lai, Ching-Chong - In: International Review of Economics & Finance 29 (2014) C, pp. 372-379
Using a general-equilibrium framework, this paper examines the price dynamics of a monetary shock for a small open economy with commodity spot and futures markets. The agricultural spot price can fall by exhibiting a mis-adjustment at the instant of the announcement of the increase in the money...