Rising commodity prices don’t push up underlying rates of inflation much and doesn’t require a policy reaction from the Federal Reserve, a new paper co-authored by the leader of the Chicago Fed says.

The research, released Monday, wades into the contentious subject of whether a sharp increase in commodities prices, be they food, energy or raw materials, will drive a coming surge in inflation.

Most central bankers have thus far argued the reduced role of commodity prices in the functioning of the U.S. economy mean that underlying inflation will likely remain under control. Last week, Fed Chairman Ben Bernanke described the recent gain in commodity prices as “transitory.”

But that position has not sat well with many in financial markets. Some Fed officials are also uncomfortable with the risk of being complacent in the face of a potential inflation threat, and recent surveys of inflation expectations show the broader public is growing more worried about price pressures, at least over the near term outlook.

The Chicago Fed paper counts as a co-author bank president Charles Evans. He currently holds a voting role in the interest rate setting Federal Open Market Committee, and he is one of the central bank’s staunchest supporters of the still ongoing $600 billion bond buying program known as QE2. Evan’s shared credit for the report with Jonas Fisher, his bank’s director of macroeconomic research.