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  1. A broader perspective on the inflationary effects of energy price shocks
    Author: Kilian, Lutz; Zhou, Xiaoqing
    Published: [2022]
    Publisher:  Center for Financial Studies, Goethe University, Frankfurt am Main, Germany

    Consumers purchase energy in many forms. Sometimes energy goods are consumed directly, for instance, in the form of gasoline used to operate a vehicle, electricity to light a home, or natural gas to heat a home. At other times, the cost of energy is... more

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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 108
    Inter-library loan:
    No inter-library loan

     

    Consumers purchase energy in many forms. Sometimes energy goods are consumed directly, for instance, in the form of gasoline used to operate a vehicle, electricity to light a home, or natural gas to heat a home. At other times, the cost of energy is embodied in the prices of goods and services that consumers buy, say when purchasing an airline ticket or when buying online garden furniture made from plastic to be delivered by mail. Previous research has focused on quantifying the pass-through of the price of crude oil or the price of motor gasoline to U.S. inflation. Neither approach accounts for the fact that percent changes in refined product prices need not be proportionate to the percent change in the price of oil, that not all energy is derived from oil, and that the correlation of price shocks across energy markets is far from one. This paper develops a vector autoregressive model that quantifies the joint impact of shocks to several energy prices on headline and core CPI inflation. Our analysis confirms that focusing on gasoline price shocks alone will underestimate the inflationary pressures emanating from the energy sector, but not enough to overturn the conclusion that much of the observed increase in headline inflation in 2021 and 2022 reflected non-energy price shocks.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/268890
    Series: CFS working paper series ; no. 686
    Subjects: Headline; core; oil; gasoline; diesel; jet fuel; natural gas; coal; electricity
    Scope: 1 Online-Ressource (circa 30 Seiten), Illustrationen
  2. A broader perspective on the inflationary effects of energy price shocks
    Author: Kilian, Lutz; Zhou, Xiaoqing
    Published: December
    Publisher:  Federal Reserve Bank of Dallas, Research Department, Dallas

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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 686
    Inter-library loan:
    No inter-library loan
    Export to reference management software   RIS file
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    Series: Working paper / Federal Reserve Bank of Dallas, Research Department ; 2224
    Subjects: Headline; core; goods; services; oil; gasoline; diesel; jet fuel; natural gas; coal; electricity
    Scope: 1 Online-Ressource (circa 28 Seiten), Illustrationen