摘要：The theory of storage and arbitrage approaches fully incorporate nominal interest rates in far-near commodity price spreads Alternative frameworks admit a relationship between interest rates and commodity own rates of interest and as a result the commodity price spread would not completely incorporate the nominal interest rate This study examines the Views on interest rate-commodlty price relationships, the potential role of nonneutralities, and empirical evidence on the relationships The evidence does not support the hypothesis of a close relationship between commodity own rates and the real interest rate
关键词：Theory of storage;arbitrage;interest rates;commodity own rates;risk premium;nonneutralities
