In this paper we analyse to what extent movements in oil prices can help to explain business cycle fluctuations in Germany.We proceed in several steps:As a starting point we use a standard real business cycle model for the German economy and introduce energy as an additional factor in the...

In this paper we analyse to what extent movements in oil prices can help to explain business cycle fluctuations in Germany.We proceed in several steps:As a starting point we use a standard real business cycle model for the German economy and introduce energy as an additional factor in the...

Im Juni 2008 ist die Inflationsrate im Euroraum auf 4% und damit ihren höchsten Wert seit Beginn der Währungsunion gestiegen, ausgelöst durch den kräftigen Anstieg der Preise für Rohöl und Nahrungsmittel, der von recht dauerhafter Natur sein dürfte. Die Europäische Zentralbank (EZB) hat...

Recent oil price shocks have relatively small effects on real economic activity and inflation compared to the experiences of the seventies and the early eighties. In this paper we analyse possible reasons for these phenomena using the example of the German economy. At first, by estimating a...