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The Changing Effects of Energy-Price Shocks on Economic Activity and Inflation

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In this article the author examines the effects that major changes in energy prices in recent years have had on inflation and on the pace of economic expansion. These are then compared with the effects of the oil-price shocks that occurred in the 1970s and early 1980s. Changes in the intensity of energy use are examined, as well as developments in Canada's merchandise trade surplus in energy commodities and products. The author also considers the effects that a monetary policy anchored to low and stable inflation could have on price-setting behaviour and thus on the pass-through of higher energy costs to core inflation in Canada and in other industrial countries.

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  • Gerald Stuber, 2001. "The Changing Effects of Energy-Price Shocks on Economic Activity and Inflation," Bank of Canada Review, Bank of Canada, vol. 2001(Summer), pages 3-14.
    • Handle: RePEc:bca:bcarev:v:2001:y:2001:i:summer01:p:3-14
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    Cited by:

    1. René Lalonde & Dirk Muir, 2007. "The Bank of Canada's Version of the Global Economy Model (BoC-GEM)," Technical Reports 98, Bank of Canada.
    2. Stephen Murchison & Andrew Rennison, 2005. "Monetary neglect and the Canadian Phillips Curve," Proceedings, Board of Governors of the Federal Reserve System (U.S.).
    3. Srinivasan, Sunderasan, 2014. "Economic populism, partial deregulation of transport fuels and electoral outcomes in India," Energy Policy, Elsevier, vol. 68(C), pages 465-475.
    4. Paulo Soares Esteves, . "Efeitos Económicos das Flutuações do Preço do Petróleo," Economic Bulletin and Financial Stability Report Articles and Banco de Portugal Economic Studies, Banco de Portugal, Economics and Research Department.
    5. Malek KhojastehNeghad & Raheleh Hosseini, 0. "Effects of Oil Shocks on the Unemployment: GVAR Approach," Romanian Economic Journal, Department of International Business and Economics from the Academy of Economic Studies Bucharest, vol. 20(65), pages 50-69, September.
    6. André Binette & Sylvain Martel, 2005. "Inflation and Relative Price Dispersion in Canada: An Empirical Assessment," Staff Working Papers 05-28, Bank of Canada.
    7. Jamie Armour, 2006. "An Evaluation of Core Inflation Measures," Staff Working Papers 06-10, Bank of Canada.
    8. Jung, Young Cheol & Das, Anupam & McFarlane, Adian, 2020. "The asymmetric relationship between the oil price and the US-Canada exchange rate," The Quarterly Review of Economics and Finance, Elsevier, vol. 76(C), pages 198-206.
    9. Godwin Edet Bassey & Uduak Michael Ekong, 2019. "Energy Consumption and Inflation Dynamics in Nigeria: An ARDL Cointegration Approach," Energy Economics Letters, Asian Economic and Social Society, vol. 6(2), pages 66-83, December.
    10. Zakaria, Muhammad & Khiam, Shahzeb & Mahmood, Hamid, 2021. "Influence of oil prices on inflation in South Asia: Some new evidence," Resources Policy, Elsevier, vol. 71(C).
    11. International Monetary Fund, 2006. "Israel: Selected Issues," IMF Staff Country Reports 2006/121, International Monetary Fund.
    12. Mirza, Nawazish & Naqvi, Bushra & Rizvi, Syed Kumail Abbas & Umar, Muhammad, 2023. "Fiscal or monetary? Efficacy of regulatory regimes and energy trilemma of the inflation reduction act (IRA)," International Review of Financial Analysis, Elsevier, vol. 90(C).

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