How much does real gross domestic product (GDP) respond to unanticipated changes in the real price of oil? Commonly used censored oil price vector autore- gressive models suggest a substantial decline in real GDP in response to unex- pected increases in the real price of oil, yet no response to...

The sharp upturn of energy and food prices have become serious challenges almost all over the globe. Despite the voluminous literature on the relationship between energy prices and food prices, the existing research, however, mostly relied on linear frameworks and aggregate measures of energy...

This report aims to analyse euro area energy markets and the impact of energy price changes on the macroeconomy from a monetary policy perspective. The core task of the report is to analyse the impact of energy price developments on output and consumer prices. Nevertheless, understanding the...

In this paper we examine the effect of ECB's unconventional monetary policy measures on energy prices. Our results indicate that the non-standard ECB monetary policies during the recent financial crises had a significant and negative impact on energy prices. For example, we find that these...