Oil news shocks, inflation expectations and social connectedness

Petre Caraiani

Energy Economics, 2023, vol. 127, issue PB

Abstract: While recent work has emphasized that production networks help in the propagation of oil shocks, this paper emphasizes the role of social connections in propagating the effect of oil shocks on inflation expectations. Using a dataset of Euro Area member states, the paper shows that social connectedness has a significant role in the propagation of oil shocks on inflation expectations, with the network effects dominating the direct effects. The effects have become stronger in recent years.

Keywords: Oil shocks; Inflation expectations; Spatial econometrics; Network structure (search for similar items in EconPapers)
JEL-codes: C67 E32 (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:eee:eneeco:v:127:y:2023:i:pb:s0140988323005522

DOI: 10.1016/j.eneco.2023.107054

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