This paper investigates the presence of herding behavior across a spectrum of commodities (i.e., agricultural, energy, precious metals, and metals) futures prices obtained from Datastream. For the first time in English-language literature, this study provides an explicit investigation of the role of deviations of U.S. monetary policy decisions from a standard Taylor-type monetary rule, in driving herding behavior with respect to commodity futures prices, spanning the period 1990–2017. The results document that the commodity markets are characterized by herding. Such herding behavior is not only driven by U.S. monetary policy decisions. Such decisions exert asymmetric effects on this behavior. An additional novelty is that the results document that herding is stronger during discretionary monetary policy regimes.

中文翻译：

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美国货币政策和羊群效应：来自商品市场的证据

本文调查了从 Datastream 获得的一系列商品（即农业、能源、贵金属和金属）期货价格中存在的羊群行为。本研究首次在英语文献中对美国货币政策决策偏离标准泰勒型货币规则在推动商品期货价格的羊群行为中的作用进行了明确调查，跨越 1990 年–2017。结果表明，商品市场具有羊群效应。这种羊群行为不仅受到美国货币政策决定的推动。这样的决定对这种行为产生不对称的影响。另一个新颖之处在于结果表明，在可自由支配的货币政策制度下，羊群效应更强。