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Maintaining Credibility is Currently the Top Priority

Author

Listed:
  • Josef Baumgartner
  • Marcus Scheiblecker
  • Thomas Url

    (WIFO)

Abstract

The dispersion of inflation rates within the euro area tends to increase in times of very strong energy price increases. A small part of this divergence is due to fiscal policy measures implemented by member countries and aimed at dampening the energy price increase. The monetary policy response of an inflation-targeting central bank to adverse supply shocks depends on the nature of the shock (demand or supply driven, temporary or permanent) and on the credibility of the central bank's commitment to the inflation target.

Suggested Citation

  • Josef Baumgartner & Marcus Scheiblecker & Thomas Url, 2022. "Maintaining Credibility is Currently the Top Priority," WIFO Studies, WIFO, number 70560, April.
    • Handle: RePEc:wfo:wstudy:70560
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    File URL: https://www.wifo.ac.at/wwa/pubid/70560
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    Citations

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    Cited by:

    1. Josef Baumgartner & Jürgen Bierbaumer & Sandra Bilek-Steindl & Benjamin Bittschi & Christian Glocker & Christine Mayrhuber & Margit Schratzenstaller, 2023. "Geopolitical Tensions, Energy Crisis and Inflation Shape Economic Activity. The Austrian Economy in 2022," WIFO Reports on Austria, WIFO, issue 7, May.
    2. Josef Baumgartner & Jürgen Bierbaumer & Sandra Bilek-Steindl & Benjamin Bittschi & Christian Glocker & Christine Mayrhuber & Margit Schratzenstaller, 2023. "Geopolitische Spannungen, Energiekrise und Teuerung bestimmen die Konjunktur. Die österreichische Wirtschaft im Jahr 2022," WIFO Monatsberichte (monthly reports), WIFO, vol. 96(4), pages 249-267, April.
    3. Ursula Glauninger & Thomas Url & Klaus Vondra, 2023. "Energy price shock poses additional challenge to Austria’s price competitiveness," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue Q2-Q3/23, pages 67-97.

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