{"title":"Commodity Futures and Trend Inflation","authors":"Marc Fandetti","doi":"10.3905/jai.2023.1.198","DOIUrl":null,"url":null,"abstract":"While commodity futures protect against commodity inflation, their relationship with measures of trend inflation is weak. Commodity futures do not appear to hedge inflation impulses coming from sectors other than food and energy, nor are they responsive to long-term relative rises in energy prices. While such episodes have been rare, the author cautions against assuming they are unimportant. He concludes that inflation-hedging benefits of commodities may depend on the source and persistence of inflation and they should not be described as an inflation hedge without qualification.","PeriodicalId":45142,"journal":{"name":"Journal of Alternative Investments","volume":"26 1","pages":"94 - 110"},"PeriodicalIF":0.4000,"publicationDate":"2023-08-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Alternative Investments","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.3905/jai.2023.1.198","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q4","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
引用次数: 0
Abstract
While commodity futures protect against commodity inflation, their relationship with measures of trend inflation is weak. Commodity futures do not appear to hedge inflation impulses coming from sectors other than food and energy, nor are they responsive to long-term relative rises in energy prices. While such episodes have been rare, the author cautions against assuming they are unimportant. He concludes that inflation-hedging benefits of commodities may depend on the source and persistence of inflation and they should not be described as an inflation hedge without qualification.
期刊介绍：
The Journal of Alternative Investments (JAI) provides you with cutting-edge research and expert analysis on managing investments in hedge funds, private equity, distressed debt, commodities and futures, energy, funds of funds, and other nontraditional assets. JAI is the official publication of the Chartered Alternative Investment Analyst Association (CAIA®). JAI provides you with challenging ideas and practical tools to: •Profit from the growth of hedge funds and alternatives •Determine the optimal mix of traditional and alternative investments •Measure and track portfolio performance •Manage your alternative investment portfolio with proven risk management practices
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