This paper reexamines the issue of whether commodity prices provide useful information for formulating monetary policy through the application of recent development in time series methodology developed by Toda and Yamamoto (1995). We found that commodity prices signals the future direction of...

Empirical evidence linking exports to economic growth has been mixed and inconclusive. This study re-examine the export-led growth (ELG) hypothesis for Canada by testing for Granger causality from exports to national output growth using vector error correction models (VECM) and the augmented...

This paper examines risk minimization hedging effectiveness for major storable and nonstorable agricultural commodity futures markets. Based on the error correction model bivariate GARCH frameworks, some evidence is found that the hedging effectiveness is stronger for storable commodities than...