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Inflation dynamics in OECD economies : the role of crude oil import price, unconventional monetary policy, and post-pandemic demand shocks
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Resumo(s)
This paper examines the impact on inflation of crude oil import price (COIP), unconventional monetary policy (UMP), and post-pandemic demand shocks for a panel of 21
OECD countries, using panel vector autoregressive (pVAR) and local projection methods. The empirical result provides evidence that COIP shocks significantly contribute to
increases in consumer price index (CPI) inflation, GDP deflator inflation and producer
price index (PPI) inflation. UMP shocks, although less impactful than COIP shocks, also
influence inflation. Furthermore, the most significant inflationary pressures in recent
times have arisen from post-pandemic demand shocks, surpassing the effects of COIP
and UMP shocks in the post-COIVD period. The findings highlight the critical role of
supply-side and demand-side factors in shaping inflation dynamics in the OECD.
Descrição
Palavras-chave
Unconventional Monetary Policy Crude Oil Import Price Post-pandemic demand Shock Inflation panel VARs Local Projections
Contexto Educativo
Citação
Opoku, Philemon Kwame (2024). "Inflation dynamics in OECD economies : the role of crude oil import price, unconventional monetary policy, and post-pandemic demand shocks". REM Working paper series, nº 0341/2024
Editora
ISEG – REM (Research in Economics and Mathematics)