The conventional wisdom that inflation expectations respond to the level of the price of oil (or the price of gasoline … price shocks may indeed drive one-year household inflation expectations. The model shows that there have been several such … episodes since 1990. In particular, the rise in household inflation expectations between 2009 and 2013 is almost entirely …

patterns in economic activity and inflation following oil price shocks in the euro area. In the normal regime, oil price shocks … direction as the oil price. The responses of inflation expectations and wage growth point to second-round effects as a potential …We investigate whether the response of the macro-economy to oil price shocks undergoes episodic changes. Employing a …