Gregorio, José De; Landerretche, Oscar; Neilson, … - Departamento de Economía, Facultad de Economía y Negocios - 2007
the effect of oil shocks on inflation. First, we estimate the traditional Phillips curve augmented to include oil and test … countries for which we have sufficient data. We derive impulse response functions of inflation to oil shocks and interpret the … integrals as estimates of pass-through. We find that the effect of oil shocks on inflation has weakened for most of the 12 …