Gold is likely to have been a beneficiary.18 Whether or not this shield against political risk can work in practice, when needed, depends on several factors, such as physical location and access to markets for transactions.
For similar results based on cross-sectional evidence, see Michael T. Kiley (2014), “An Evaluation of the Inflationary Pressure Associated with Short- and Long-Term Unemployment (PDF),” Finance and Economics Discussion Series 2014–28 (Washington: Board of Governors of the Federal Reserve System, March); or, for wages instead of prices, Christopher L. Smith (2014), “The Effect of Labor Slack on Wages: Evidence from State-Level Relationships,” FEDS Notes (Washington: Board of Governors of the Federal Reserve System, June 2).