HoW imPortant are Common FaCtorS in Driving non-Fuel CommoDity PriCeS? a DynamiC FaCtor analySiS

In 2009 all ECB publications feature a motif taken from the €200 banknote. and participants at the workshop on the global and regional implications of financial and commodity price developments and an anonymous referee for helpful suggestions and comments. Any views expressed in this paper represent those of the author and not necessarily those of the European Central Bank. Fax +49 69 1344 6000 All rights reserved. Any reproduction, publication and reprint in the form of a different publication, whether printed or produced electronically, in whole or in part, is permitted only with the explicit written authorisation of the ECB or the author(s). The views expressed in this paper do not necessarily refl ect those of the European Central Bank. Abstract 4 Non-technical summary 5