Do inflation expectations propagate the inflationary impact of real oil price shocks?: Evidence from the Michigan survey

Benjamin Wong

No DP2015/01, Reserve Bank of New Zealand Discussion Paper Series from Reserve Bank of New Zealand

Abstract: This paper presents evidence that inflation expectations, as measured by the Michigan Survey of consumers, only play a minimal role in the propagation of real oil price shocks into inflation. This is despite evidence which confirms in flation expectations are sensitive to real oil price shocks. Further analysis exploring structural breaks suggest at some point after the mid-1990s, inflation expectations may have played no part in propagating real oil price shocks into inflation.

JEL-codes: C32 D84 E31 (search for similar items in EconPapers)
Pages: 26 p.
Date: 2015-04
New Economics Papers: this item is included in nep-cba, nep-ene, nep-mac and nep-mon
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Citations: View citations in EconPapers (88)

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Related works:
Journal Article: Do Inflation Expectations Propagate the Inflationary Impact of Real Oil Price Shocks?: Evidence from the Michigan Survey (2015)
Working Paper: Inflation Expectations and How it Explains the Inflationary Impact of Oil Price Shocks: Evidence from the Michigan Survey (2014)
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Persistent link: https://EconPapers.repec.org/RePEc:nzb:nzbdps:2015/01

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