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Energy markets and the euro area macroeconomy

Milan Donoval, Erwan Gautier (), Galo Nuño, Anton Nakov (), Noelia Jiménez, María de los Llanos Matea, Angel Estrada (), Pinelopi Zioutou, Zacharias Bragoudakis (), Laura Weymes, Derry O'Brien, Delphine Irac, Nicolas Maggiar, Ivan Faiella, Mikulas Car, Monika Tepina, João Amador (), Andreas Breitenfellner (), Guido Schotten, Brian Micallef, Amela Hubic, Muriel Bouchet, Lena Cleanthous, Fabrizio Venditti (), Ulf Slopek, Christin Hartmann, Bettina Landau, Luca Gattini (), Michael Fidora (), Riccardo Costantini, Agostino Consolo, Roland Beck, Claudia Sullivan, Sylvia Kelley, Aidan Meyler, Rolf Strauch, Ana Lima, David Lodge, Marco Lombardi (), David Cornille, Vanessa Baugnet, Melina A. Vasardani, Martin Spitzer, Michel Soudan, Michal Slavík, Frauke Skudelny, Moreno Roma, Matthias Mohr and Ricardo Mestre ()

No 113, Occasional Paper Series from European Central Bank

Abstract: This report aims to analyse euro area energy markets and the impact of energy price changes on the macroeconomy from a monetary policy perspective. The core task of the report is to analyse the impact of energy price developments on output and consumer prices. Nevertheless, understanding the link between energy price fluctuations, inflationary pressures and the role of monetary policy in reacting to such pressure requires a deeper look at the structure of the economy. Energy prices have presented a challenge for the Eurosystem, as the volatility of the energy component of consumer prices has been high since the creation of EMU. At the same time, a look back into the past may not necessarily be very informative for gauging the likely impact of energy price changes on overall inflation in the future. For instance, the reaction of HICP inflation to energy price fluctuations seems to have been more muted during the past decade than in earlier periods such as the 1970s. JEL Classification: E52, E58, E44

Keywords: energy; inflation; macroeconomy; monetary policy; pass-through (search for similar items in EconPapers)
Date: 2010-06
Note: 2253012
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Persistent link: https://EconPapers.repec.org/RePEc:ecb:ecbops:2010113

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