Inflation dynamics in OECD economies : the role of crude oil import price, unconventional monetary policy, and post-pandemic demand shocks

Bibliographic Details
Main Author: Opoku, Philemon Kwame
Publication Date: 2024
Format: Article
Language: eng
Source: Repositórios Científicos de Acesso Aberto de Portugal (RCAAP)
Download full: http://hdl.handle.net/10400.5/95582
Summary: 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.
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spelling Inflation dynamics in OECD economies : the role of crude oil import price, unconventional monetary policy, and post-pandemic demand shocksUnconventional Monetary PolicyCrude Oil Import PricePost-pandemic demand ShockInflationpanel VARsLocal ProjectionsThis 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.ISEG – REM (Research in Economics and Mathematics)Repositório da Universidade de LisboaOpoku, Philemon Kwame2024-11-22T15:28:30Z2024-092024-09-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10400.5/95582engOpoku, 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 0341/20242184-108Xinfo:eu-repo/semantics/openAccessreponame:Repositórios Científicos de Acesso Aberto de Portugal (RCAAP)instname:FCCN, serviços digitais da FCT – Fundação para a Ciência e a Tecnologiainstacron:RCAAP2025-03-17T16:28:12Zoai:repositorio.ulisboa.pt:10400.5/95582Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireinfo@rcaap.ptopendoar:https://opendoar.ac.uk/repository/71602025-05-29T04:16:11.569816Repositórios Científicos de Acesso Aberto de Portugal (RCAAP) - FCCN, serviços digitais da FCT – Fundação para a Ciência e a Tecnologiafalse
dc.title.none.fl_str_mv Inflation dynamics in OECD economies : the role of crude oil import price, unconventional monetary policy, and post-pandemic demand shocks
title Inflation dynamics in OECD economies : the role of crude oil import price, unconventional monetary policy, and post-pandemic demand shocks
spellingShingle Inflation dynamics in OECD economies : the role of crude oil import price, unconventional monetary policy, and post-pandemic demand shocks
Opoku, Philemon Kwame
Unconventional Monetary Policy
Crude Oil Import Price
Post-pandemic demand Shock
Inflation
panel VARs
Local Projections
title_short Inflation dynamics in OECD economies : the role of crude oil import price, unconventional monetary policy, and post-pandemic demand shocks
title_full Inflation dynamics in OECD economies : the role of crude oil import price, unconventional monetary policy, and post-pandemic demand shocks
title_fullStr Inflation dynamics in OECD economies : the role of crude oil import price, unconventional monetary policy, and post-pandemic demand shocks
title_full_unstemmed Inflation dynamics in OECD economies : the role of crude oil import price, unconventional monetary policy, and post-pandemic demand shocks
title_sort Inflation dynamics in OECD economies : the role of crude oil import price, unconventional monetary policy, and post-pandemic demand shocks
author Opoku, Philemon Kwame
author_facet Opoku, Philemon Kwame
author_role author
dc.contributor.none.fl_str_mv Repositório da Universidade de Lisboa
dc.contributor.author.fl_str_mv Opoku, Philemon Kwame
dc.subject.por.fl_str_mv Unconventional Monetary Policy
Crude Oil Import Price
Post-pandemic demand Shock
Inflation
panel VARs
Local Projections
topic Unconventional Monetary Policy
Crude Oil Import Price
Post-pandemic demand Shock
Inflation
panel VARs
Local Projections
description 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.
publishDate 2024
dc.date.none.fl_str_mv 2024-11-22T15:28:30Z
2024-09
2024-09-01T00:00:00Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10400.5/95582
url http://hdl.handle.net/10400.5/95582
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv 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
2184-108X
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv ISEG – REM (Research in Economics and Mathematics)
publisher.none.fl_str_mv ISEG – REM (Research in Economics and Mathematics)
dc.source.none.fl_str_mv reponame:Repositórios Científicos de Acesso Aberto de Portugal (RCAAP)
instname:FCCN, serviços digitais da FCT – Fundação para a Ciência e a Tecnologia
instacron:RCAAP
instname_str FCCN, serviços digitais da FCT – Fundação para a Ciência e a Tecnologia
instacron_str RCAAP
institution RCAAP
reponame_str Repositórios Científicos de Acesso Aberto de Portugal (RCAAP)
collection Repositórios Científicos de Acesso Aberto de Portugal (RCAAP)
repository.name.fl_str_mv Repositórios Científicos de Acesso Aberto de Portugal (RCAAP) - FCCN, serviços digitais da FCT – Fundação para a Ciência e a Tecnologia
repository.mail.fl_str_mv info@rcaap.pt
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