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A new look at oil price pass-through into inflation: evidence from disaggregated European data

César Castro (), Rebeca Jiménez-Rodríguez (), Pilar Poncela and Eva Senra ()
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César Castro: University of Salamanca
Eva Senra: Universidad de Alcalá

Economia Politica: Journal of Analytical and Institutional Economics, 2017, vol. 34, issue 1, 55-82

Abstract: Abstract This paper analyzes oil price pass-through into inflation at disaggregate level for the euro area and its four main economies (France, Germany, Italy and Spain). The pattern of responses to oil price changes is quantitatively diverse across economies and across items of disaggregate inflation. Moreover, we suggest an alternative method to the direct calculation of aggregate effects on inflation given that indirect and second-round effects may offset the positive effects found in energy inflation and dissipate the effect on total inflation.

Keywords: Inflation; Oil prices; Transfer functions; Disaggregation (search for similar items in EconPapers)
JEL-codes: E31 C22 Q43 (search for similar items in EconPapers)
Date: 2017
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