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Energy markets and the euro area macroeconomy

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  • Task Force of the Monetary Policy Committee of the ESCB

Abstract

This report aims to analyse euro area energy markets and the impact of energy price changes on the macroeconomy from a monetary policy perspective. The core task of the report is to analyse the impact of energy price developments on output and consumer prices. Nevertheless, understanding the link between energy price fluctuations, inflationary pressures and the role of monetary policy in reacting to such pressure requires a deeper look at the structure of the economy. Energy prices have presented a challenge for the Eurosystem, as the volatility of the energy component of consumer prices has been high since the creation of EMU. At the same time, a look back into the past may not necessarily be very informative for gauging the likely impact of energy price changes on overall inflation in the future. For instance, the reaction of HICP inflation to energy price fluctuations seems to have been more muted during the past decade than in earlier periods such as the 1970s. JEL Classification: E52, E58, E44

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Bibliographic Info

Paper provided by European Central Bank in its series Occasional Paper Series with number 113.

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Date of creation: Jun 2010
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Handle: RePEc:ecb:ecbops:20100113

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Related research

Keywords: energy; inflation; macroeconomy; monetary policy; Pass-Through;

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  1. Matthieu Bussière & Emilia Pérez‐Barreiro & Roland Straub & Daria Taglioni, 2011. "Protectionist Responses to the Crisis: Global Trends and Implications," The World Economy, Wiley Blackwell, Wiley Blackwell, vol. 34, pages 826-852, 05.
  2. Holm-Hadulla, Fédéric & Kamath, Kishore & Lamo, Ana & Pérez, Javier J. & Schuknecht, Ludger, 2010. "Public wages in the euro area - towards securing stability and competitiveness," Occasional Paper Series, European Central Bank 112, European Central Bank.
  3. Vergote, Olivier & Studener, Werner & Efthymiadis, Ioannis & Merriman, Niall, 2010. "Main drivers of the ECB financial accounts and ECB financial strength over the first 11 years," Occasional Paper Series, European Central Bank 111, European Central Bank.
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Cited by:
  1. Anton Nakov & Galo Nuño, 2011. "A general equilibrium model of the oil market," Banco de Espa�a Working Papers, Banco de Espa�a 1125, Banco de Espa�a.

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