In this paper, we demonstrate that the conflicting results found in the literature of tests of the unbiased forward rate hypothesis (UFRH) depend upon the econometric specification used as well as differences in the time period of estimation. It is established that the time series properties of...

This paper presents empirical evidence on the reactions of commodity futures prices to the announcements of the money supply (Ml), the Federal Reserve discount and surcharge rates, the CPI, the PPI, the unemployment rate and the U.S. industrial production index. Survey data were utilized to...