Energy Markets and the Euro Area Macroeconomy

132 Pages Posted: 20 Jun 2010

See all articles by Rolf Strauch

Rolf Strauch

European Central Bank (ECB)

Aidan Meyler

European Central Bank (ECB); Economist; Post graduate student

Roland Beck

European Central Bank (ECB)

Agostino Consolo

Bocconi University

Riccardo Costantini

affiliation not provided to SSRN

Michael Fidora

European Central Bank (ECB)

Luca Gattini

European Union - European Investment Bank

Bettina Landau

European Central Bank (ECB)

Ana Lima

European Central Bank (ECB)

David Lodge

European Central Bank (ECB)

Marco J. Lombardi

Bank for International Settlements (BIS) - Monetary and Economic Department

Ricardo Mestre

European Central Bank (ECB)

Matthias F. Mohr

European Central Bank (ECB)

Moreno Roma

European Central Bank (ECB)

Frauke Skudelny

European Central Bank (ECB)

Michal Slavik

European Central Bank (ECB) - Directorate General Economics

Martin Spitzer

European Central Bank (ECB)

Melina A. Vasardani

European Central Bank (ECB)

David Cornille

National Bank of Belgium

Ulf D. Slopek

Deutsche Bundesbank

Laura E. Weymes

affiliation not provided to SSRN

Zacharias Bragoudakis

Bank of Greece

Anton Nakov

European Central Bank (ECB); CEPR

Erwan Gautier

Banque de France - Centre de Recherche

Delphine Irac

Banque de France

Ivan Faiella

Bank of Italy

Lena Cleanthous

affiliation not provided to SSRN

Fabrizio Venditti

Bank of Italy

Guido Schotten

Dutch Central Bank (DNB)

Andreas Breitenfellner

Oesterreichische Nationalbank (OeNB)

Christin Hartmann

affiliation not provided to SSRN

Mariam Abdel-Malek

affiliation not provided to SSRN

María de los Llanos Matea

Banco de España

Date Written: June 9, 2010

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.

Suggested Citation

Strauch, Rolf and Meyler, Aidan and Beck, Roland and Consolo, Agostino and Costantini, Riccardo and Fidora, Michael and Gattini, Luca and Landau, Bettina and Lima, Ana and Lodge, David and Lombardi, Marco Jacopo and Mestre, Ricardo and Mohr, Matthias F. and Roma, Moreno and Skudelny, Frauke and Slavik, Michal and Spitzer, Martin and Vasardani, Melina A. and Cornille, David and Slopek, Ulf D. and Weymes, Laura E. and Bragoudakis, Zacharias and Nakov, Anton A. and Gautier, Erwan and Irac, Delphine and Faiella, Ivan and CLEANTHOUS, LENA and Venditti, Fabrizio and Schotten, Guido and Breitenfellner, Andreas and Hartmann, Christin and Abdel-Malek, Mariam and Matea, María de los Llanos, Energy Markets and the Euro Area Macroeconomy (June 9, 2010). ECB Occasional Paper No. 113. Available at SSRN: https://ssrn.com/abstract=1622607

Rolf Strauch (Contact Author)

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Aidan Meyler

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Economist

P.O. 559 Dame Street
Dublin 2, D2
Ireland

Post graduate student

United States

Roland Beck

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Agostino Consolo

Bocconi University ( email )

Via Sarfatti, 25
Milan, MI 20136
Italy

Riccardo Costantini

affiliation not provided to SSRN ( email )

Michael Fidora

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany
+49 69 1344 5713 (Phone)

Luca Gattini

European Union - European Investment Bank ( email )

98-100 Boulevard Konrad Adenauer
L-2950
Luxembourg

Bettina Landau

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Ana Lima

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

David Lodge

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Marco Jacopo Lombardi

Bank for International Settlements (BIS) - Monetary and Economic Department ( email )

Centralbahnplatz 2
CH-4002 Basel
Switzerland
+41612809492 (Phone)

Ricardo Mestre

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany
0049 69 13440 (Phone)
0049 69 1344 6000 (Fax)

Matthias F. Mohr

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Moreno Roma

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Frauke Skudelny

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Michal Slavik

European Central Bank (ECB) - Directorate General Economics ( email )

Kaiserstrasse 29
D-60311 Frankfurt am Main
Germany

Martin Spitzer

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Melina A. Vasardani

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

David Cornille

National Bank of Belgium ( email )

Brussels, B-1000
Belgium

Ulf D. Slopek

Deutsche Bundesbank ( email )

Wilhelm-Epstein-Str. 14
Frankfurt/Main, 60431
Germany

Laura E. Weymes

affiliation not provided to SSRN ( email )

Zacharias Bragoudakis

Bank of Greece ( email )

21 E. Venizelos Avenue
GR 102 50 Athens
Greece
+302103203605 (Phone)

Anton A. Nakov

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

CEPR ( email )

London
United Kingdom

Erwan Gautier

Banque de France - Centre de Recherche ( email )

31 rue Croix des Petits Champs
75049 Paris Cedex 01
France

Delphine Irac

Banque de France ( email )

Paris
France

Ivan Faiella

Bank of Italy ( email )

Via Nazionale 91
00184 Roma
Italy

LENA CLEANTHOUS

affiliation not provided to SSRN

Fabrizio Venditti

Bank of Italy ( email )

Via Nazionale 91
00184 Roma
Italy

Guido Schotten

Dutch Central Bank (DNB) ( email )

P.O. Box 98
Amsterdam, 1000 AB
Netherlands

Andreas Breitenfellner

Oesterreichische Nationalbank (OeNB) ( email )

Otto-Wagner-Platz 3, PO Box 61
Vienna,
1010 Vienna, A-1011
Austria

Christin Hartmann

affiliation not provided to SSRN ( email )

Mariam Abdel-Malek

affiliation not provided to SSRN

María de los Llanos Matea

Banco de España ( email )

Alcalá, 48
Madrid, Madrid 28014
Spain
+34 91-338-50-00 (Phone)

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