This paper examines the relationship between spot and futures prices for a broad range of commodities, including energy …, precious and base metals, and agricultural commodities. In particular, we examine whether futures prices are (1) an unbiased … null of futures prices being unbiased predictors of future spot prices than in earlier periods for almost all commodities …

It is difficult for private agents to produce money that circulates at par with no questions asked. We study two cases … of privately-produced money: pre-Civil War U.S. private banknotes and modern stablecoins. Private monies are introduced … more money-like, but they do not always achieve a positive convenience yield. Technology advances and reputation formation …

annual wholesale price indexes for the period 1948-76. The data on money shocks are the unanticipated money growth series … results are negative. They reject the hypothesis that unexpected money shocks, as measured by Barro, affect price dispersion …