. We find that a contractionary oil price shock has a negative effect on the current account which lasts for approximately …

through error spillover effects. Bootstrapped error bands are also provided for the cross country responses of a shock to the …

derived from Eurosystem large-scale macroeconomic models. The main finding is that only a fiscal shock, and to a lesser extent … a TFP shock, generate marked inflation persistence. In contrast, an indirect tax and an oil price shock appear much less … persistent and a social security shock generates less inflation persistence in the majority of the countries (although some weak …