Temi di Discussione ( Working Papers ) Euro area and global oil shocks : an empirical model-based analysis

@inproceedings{Forni2012TemiDD,
  title={Temi di Discussione ( Working Papers ) Euro area and global oil shocks : an empirical model-based analysis},
  author={Lorenzo Forni and Andrea Gerali and Alessandro Notarpietro},
  year={2012}
}
  • Lorenzo Forni, Andrea Gerali, Alessandro Notarpietro
  • Published 2012
We assess the impact of oil shocks on euro-area macroeconomic variables by estimating a new-Keynesian small open economy model with Bayesian methods. Oil price is determined according to supply and demand conditions in the world oil market. We find that the impact of an increase in the price of oil depends upon the underlying sources of variation: when the driver of higher oil prices is an increase in the rest of the world’s aggregate demand, both euro-area GDP and CPI inflation increase… CONTINUE READING
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