Forni, Lorenzo; Gerali, Andrea; Notarpietro, Alessandro; … - Banca d'Italia - 2012
We assess the impact of oil shocks on euro-area macroeconomic variables by estimating a new-Keynesian small open … driver of higher oil prices is an increase in the rest of the world's aggregate demand, both euro-area GDP and CPI inflation … the euro-area economy. Moreover, the increase in oil prices during the 2004-2008 period did not induce stagflationary …