Despite the low inflation of recent years, some observers have wondered whether rapid gains in U.S. asset prices … systematically to changes in the prices of widely held assets such as stocks and houses? Some monetary experts believe so. In … should consider using housing prices, and perhaps, but to a much lesser extent, stock market prices to guide their policy …

Many analysts have advocated using commodity prices as a guide for monetary policy. A necessary condition is that … changes in commodity prices are good predictors of future aggregate price changes. This paper examines that proposition. It … shows that while commodity prices can help produce more accurate inflation forecasts, the amount of improvement is small. …

prices do reflect the effects of the settlement delay. …