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dc.contributor.authorBurriel, Pablo
dc.contributor.authorOdendahl, Florens
dc.contributor.authorPárraga Rodríguez, Susana
dc.coverage.spatialZona euro
dc.date.accessioned2024-03-08T11:51:51Z
dc.date.available2024-03-08T11:51:51Z
dc.date.issued2024-03-08
dc.identifier.issn1695-9086 (en línea)
dc.identifier.issn1130-4987 (en papel)
dc.identifier.urihttps://repositorio.bde.es/handle/123456789/36173
dc.description.abstractRationale Energy prices rose sharply in early 2022 and then began to decline towards the end of the year. Given this situation, it is worth analysing whether an energy price increase raises underlying inflation more than an energy price decrease reduces it. Takeaways •Over a one-year horizon, a large hike in energy prices increases underlying inflation by around twice as much as an equivalent decrease reduces it. •The asymmetry in the response of underlying inflation to changes in energy prices is greater in components that use more energy in their production process. •Although asymmetry can be identified by analysing historical relationships, there is considerable uncertainty about the validity of such patterns in the current setting, which can be characterised by unprecedentedly large shocks that have driven both energy prices and underlying inflation.
dc.format.extent8 p.
dc.language.isoeng
dc.publisherBanco de España
dc.relation.ispartofEconomic Bulletin / Banco de España, 2024/Q1, 06
dc.relation.hasversionVersión en español 123456789/36143
dc.rightsReconocimiento-NoComercial-CompartirIgual 4.0 Internacional (CC BY-NC-SA 4.0)
dc.rightsIn Copyright - Non Commercial Use Permitted
dc.rights.urihttps://creativecommons.org/licenses/by-nc-sa/4.0/deed.es_ES
dc.rights.urihttp://rightsstatements.org/vocab/InC-NC/1.0/
dc.subjectAsymmetry
dc.subjectEnergy prices
dc.subjectInflation
dc.titleAsymmetries in the transmission of energy price increases and decreases to underlying inflation in the euro area and Spain
dc.typeArtículo
dc.identifier.bdebib000475379
dc.identifier.bdepubECBU-2024-Q1-06
dc.subject.bdeRenta, empleo y precios
dc.publisher.bdeMadrid : Banco de España, 2024
dc.subject.jelE31
dc.subject.jelQ43
dc.subject.jelC32
dc.identifier.doihttps://doi.org/10.53479/36173
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