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The Changing Effects of Energy-Price Shocks on Economic Activity and Inflation

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    Abstract

    In this article the author examines the effects that major changes in energy prices in recent years have had on inflation and on the pace of economic expansion. These are then compared with the effects of the oil-price shocks that occurred in the 1970s and early 1980s. Changes in the intensity of energy use are examined, as well as developments in Canada's merchandise trade surplus in energy commodities and products. The author also considers the effects that a monetary policy anchored to low and stable inflation could have on price-setting behaviour and thus on the pass-through of higher energy costs to core inflation in Canada and in other industrial countries.

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    File URL: http://www.bankofcanada.ca/wp-content/uploads/2010/06/stubere.pdf
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    Bibliographic Info

    Article provided by Bank of Canada in its journal Bank of Canada Review.

    Volume (Year): 2001 (2001)
    Issue (Month): Summer ()
    Pages: 3-14

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    Handle: RePEc:bca:bcarev:v:2001:y:2001:i:summer01:p:3-14

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    Cited by:
    1. Srinivasan, Sunderasan, 2014. "Economic populism, partial deregulation of transport fuels and electoral outcomes in India," Energy Policy, Elsevier, vol. 68(C), pages 465-475.
    2. Jamie Armour, 2006. "An Evaluation of Core Inflation Measures," Working Papers 06-10, Bank of Canada.
    3. Rene Lalonde & Dirk Muir, 2007. "The Bank of Canada's Version of the Global Economy Model (BoC-GEM)," Technical Reports 98, Bank of Canada.
    4. André Binette & Sylvain Martel, 2005. "Inflation and Relative Price Dispersion in Canada: An Empirical Assessment," Working Papers 05-28, Bank of Canada.

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