Answers are grounded in this paper and cite their sources.
A model was developed to assess recent effects of exchange rate changes, inflation, and price insulation policies on real U.S. commodity prices. Exchange rate effects are defined so that they can occur and be significant under either fixed or floating rate regimes. The results indicate exchange rate effects on real U.S. commodity prices are smallest under free trade and real commodity price insulation policies but rise substantially as nominal price insulation policies become more prevalent.
No takes yet. Share an insight, caveat, or question.
Collins et al. (1980) studied this question.
Synapse has enriched 10 related papers. Consider them for comparative context: