Batten, Jonathan A.; Ciner, Cetin; Lucey, Brian M - In: Resources Policy 41 (2014) C, pp. 101-108
We examine the long term dynamic relation between inflation and the price of gold. We begin by showing that there is no … cointegration between gold and inflation if the volatile period of the early 1980s is excluded from the data. However, we are also … variation in the gold–inflation linkage suggests gold׳s sensitivity to inflation is related to interest rate changes, a finding …