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The impact of oil price changes on Spanish and euro area consumer price inflation

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Author Info
Luis J. Álvarez () (Banco de España)
Samuel Hurtado () (Banco de España)
Isabel Sánchez () (Banco de España)
Carlos Thomas () (Banco de España)

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Abstract

This paper assesses the impact of oil price changes on Spanish and euro area consumer price inflation. We find, consistently with recent international evidence, that the inflationary effect of oil price changes is limited, even though crude oil price fluctuations are a major driver of inflation variability. The impact on Spanish inflation is found to be somewhat higher than in the euro area. Direct effects are increasing over time, reflecting the higher spending of households on refined oil products, whereas indirect ones, defined in broad terms, are losing importance.

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File URL: http://www.bde.es/webbde/SES/Secciones/Publicaciones/PublicacionesSeriadas/DocumentosOcasionales/09/Fic/do0904e.pdf
File Format: application/pdf
File Function: First version, October 2009
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Publisher Info
Paper provided by Banco de España in its series Banco de España Occasional Papers with number 0904.

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Length: 35 pages
Date of creation: Oct 2009
Date of revision:
Handle: RePEc:bde:opaper:0904

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Related research
Keywords: oil prices; consumer price infl ation; Spanish and Euro area inflation; DSGE models;

Find related papers by JEL classification:
E20 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)
E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
E37 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Forecasting and Simulation

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This page was last updated on 2009-11-11.

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