Why has Core Inflation Remained so Muted in the Face of the Oil Shock?:
To help policymakers form a judgment on inflation risks and the required monetary policy stance the OECD has developed an analytical framework based on a set of 'eclectic' Phillips curves estimated for the two largest OECD economies, the United States and the euro area, which is presented...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2007
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| Schriftenreihe: | OECD Economics Department Working Papers
no.551 |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | To help policymakers form a judgment on inflation risks and the required monetary policy stance the OECD has developed an analytical framework based on a set of 'eclectic' Phillips curves estimated for the two largest OECD economies, the United States and the euro area, which is presented in this paper. This framework is used in the preparation of the Economic Outlook to explain recent developments in core inflation, excluding food and energy, based on developments in measures of economic slack (the output gap), spill-over effects from energy prices onto core inflation and lagged responses to past inflation via expectations formation. The fact that the knock-on effects from energy shocks onto core inflation appear small in comparison with the 1970s can be explained by the secular fall in energy intensity, a low and stable rate of 'mean inflation' -- to which observed inflation reverts after a shock has worked its way through -- and persistent slack in the aftermath of the bursting of the dotcom bubble. |
| Beschreibung: | 1 Online-Ressource (34 p.) 21 x 29.7cm. |
| DOI: | 10.1787/206408110285 |
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| spelling | van den Noord, Paul VerfasserIn aut Why has Core Inflation Remained so Muted in the Face of the Oil Shock? Paul, van den Noord and Christophe, André = Pourquoi l?inflation sous-jacente est elle restée si modérée en dépit du choc pétrolier ? / Paul, van den Noord et Christophe, André Pourquoi l?inflation sous-jacente est elle restée si modérée en dépit du choc pétrolier ? Paris OECD Publishing 2007 1 Online-Ressource (34 p.) 21 x 29.7cm. Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier OECD Economics Department Working Papers no.551 To help policymakers form a judgment on inflation risks and the required monetary policy stance the OECD has developed an analytical framework based on a set of 'eclectic' Phillips curves estimated for the two largest OECD economies, the United States and the euro area, which is presented in this paper. This framework is used in the preparation of the Economic Outlook to explain recent developments in core inflation, excluding food and energy, based on developments in measures of economic slack (the output gap), spill-over effects from energy prices onto core inflation and lagged responses to past inflation via expectations formation. The fact that the knock-on effects from energy shocks onto core inflation appear small in comparison with the 1970s can be explained by the secular fall in energy intensity, a low and stable rate of 'mean inflation' -- to which observed inflation reverts after a shock has worked its way through -- and persistent slack in the aftermath of the bursting of the dotcom bubble. Economics André, Christophe MitwirkendeR ctb FWS01 ZDB-13-SOC FWS_PDA_SOC https://doi.org/10.1787/206408110285 Volltext |
| spellingShingle | van den Noord, Paul Why has Core Inflation Remained so Muted in the Face of the Oil Shock? Economics |
| title | Why has Core Inflation Remained so Muted in the Face of the Oil Shock? |
| title_alt | Pourquoi l?inflation sous-jacente est elle restée si modérée en dépit du choc pétrolier ? |
| title_auth | Why has Core Inflation Remained so Muted in the Face of the Oil Shock? |
| title_exact_search | Why has Core Inflation Remained so Muted in the Face of the Oil Shock? |
| title_full | Why has Core Inflation Remained so Muted in the Face of the Oil Shock? Paul, van den Noord and Christophe, André = Pourquoi l?inflation sous-jacente est elle restée si modérée en dépit du choc pétrolier ? / Paul, van den Noord et Christophe, André |
| title_fullStr | Why has Core Inflation Remained so Muted in the Face of the Oil Shock? Paul, van den Noord and Christophe, André = Pourquoi l?inflation sous-jacente est elle restée si modérée en dépit du choc pétrolier ? / Paul, van den Noord et Christophe, André |
| title_full_unstemmed | Why has Core Inflation Remained so Muted in the Face of the Oil Shock? Paul, van den Noord and Christophe, André = Pourquoi l?inflation sous-jacente est elle restée si modérée en dépit du choc pétrolier ? / Paul, van den Noord et Christophe, André |
| title_short | Why has Core Inflation Remained so Muted in the Face of the Oil Shock? |
| title_sort | why has core inflation remained so muted in the face of the oil shock |
| topic | Economics |
| topic_facet | Economics |
| url | https://doi.org/10.1787/206408110285 |
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