The impact of oil prices on products groups inflation: is the effect asymmetric?
In this paper we assess the oil price pass-through into both, the global inflation in Spain and the inflation derived from the non-deterministic prices of the standard European classification of product groups, during the period 2002-2018. To this end we fit a transfer function to inflation in each...
| Autores: | , , |
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| Tipo de recurso: | informe técnico |
| Fecha de publicación: | 2020 |
| País: | España |
| Institución: | Universidad Complutense de Madrid (UCM) |
| Repositorio: | Docta Complutense |
| Idioma: | inglés |
| OAI Identifier: | oai:docta.ucm.es:20.500.14352/11812 |
| Acceso en línea: | https://hdl.handle.net/20.500.14352/11812 |
| Access Level: | acceso abierto |
| Palabra clave: | Oil price Products groups inflation Asymmetric effects Transfer function. Macroeconomía Economía industrial 5307.14 Teoría Macroeconómica |
| Sumario: | In this paper we assess the oil price pass-through into both, the global inflation in Spain and the inflation derived from the non-deterministic prices of the standard European classification of product groups, during the period 2002-2018. To this end we fit a transfer function to inflation in each group, extended to allow for an asymmetry in the transmission of positive/negative oil cost shocks, that is, a “rockets and feathers effect”. Our results show that most often there is a significant asymmetry, which can be explained by the degree of competition in each market. |
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