文章基本信息

标题：Energy markets and the euro area macroeconomy
本地全文：下载
作者：Task Force of the Monetary Policy Committee of the ESCB
期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2010
出版社：European Central Bank
摘要：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 fl uctuations, infl ationary 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 (see Chart 1). 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 infl ation in the future. For instance, the reaction of HICP infl ation to energy price fl uctuations seems to have been more muted during the past decade than in earlier periods such as the 1970s.