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Preisschocks bei Energie und Nahrungsmitteln
[Energy and Food Price Shocks in the Euro Area]

Author

Listed:
  • Silke Tober

    (Institut für Makroökonomie u. Konjunkturforschung (IMK))

Abstract

The sharp revisions in inflation forecasts are not rooted in analytical flaws, overly hesitant ECB policies or model failures. Energy price shocks of historic dimensions are the key factor. They have ended the prolonged phase of excessively weak inflation with risks now clearly increasing. In contrast to the United States, the euro area shows no signs of overheating or excessive wage increases. Provided second-round effects remain muted, the ECB should proceed gradually given the high war-related uncertainty and the energy-cost related drag on the economy. Monetary policy flexibility is of key importance particularly with regards to sovereign yield differentials.

Suggested Citation

  • Silke Tober, 2022. "Preisschocks bei Energie und Nahrungsmitteln [Energy and Food Price Shocks in the Euro Area]," Wirtschaftsdienst, Springer;ZBW - Leibniz Information Centre for Economics, vol. 102(6), pages 438-441, June.
    • Handle: RePEc:spr:wirtsc:v:102:y:2022:i:6:d:10.1007_s10273-022-3219-z
    DOI: 10.1007/s10273-022-3219-z
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    Cited by:

    1. Lübker, Malte & Janssen, Thilo, 2022. "WSI European Collecitve Bargaining Report 2021/2022: Collective bargaining in times of crisis, war, and inflation," WSI Reports 77e, The Institute of Economic and Social Research (WSI), Hans Böckler Foundation.

    More about this item

    Keywords

    E31; E44; E52;
    All these keywords.

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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