Do energy-price shocks affect core-price measures?
Owen Humpage and
Eduard A. Pelz
No 215, Working Papers (Old Series) from Federal Reserve Bank of Cleveland
Abstract:
This paper investigates the relationship between energy-price shocks and three core measures of inflation in a vector autoregression model that incorporates measures of monetary policy and inflation expectations. The sample set includes data at monthly frequencies from 1980 through 2000. The authors find that that positive energy-price shocks have significant, though small, effects on all core-price measures after a lag of 12 to 18 months, but that negative shocks have no discernable impact. The results suggest that relative energy-price changes do not distort the inflation signals that standard core-price measures provide.
Keywords: Inflation (Finance); Petroleum industry and trade; Power resources - Prices (search for similar items in EconPapers)
Date: 2002
New Economics Papers: this item is included in nep-ene
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (5)
Downloads: (external link)
https://doi.org/10.26509/frbc-wp-200215 Persistent link
https://www.clevelandfed.org/-/media/project/cleve ... ice-measures-pdf.pdf Full text (application/pdf)
Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
HTML/Text
Persistent link: https://EconPapers.repec.org/RePEc:fip:fedcwp:0215
Ordering information: This working paper can be ordered from
DOI: 10.26509/frbc-wp-200215
Access Statistics for this paper
More papers in Working Papers (Old Series) from Federal Reserve Bank of Cleveland Contact information at EDIRC.
Bibliographic data for series maintained by 4D Library ().