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来源类型 | FEEM working papers "Note di lavoro" series |
规范类型 | 论文 |
The Response of European Energy Prices to ECB Monetary Policy | |
Hipòlit Torró | |
发表日期 | 2018 |
出处 | Economic Theory |
出版年 | 2018 |
语种 | 英语 |
摘要 | To our knowledge, this paper is the first to discuss the response of European energy commodity prices to unexpected monetary policy surprises from the European Central Bank. Using the Rigobon (2003) identification through heteroscedasticity method, we find a significant and positive response during the crisis period for Brent and coal. Similar results are obtained by other authors for European financial assets in this period. This result reinforces the idea that during this period, financial assets and some commodities positively responded to conventional and unconventional expansionary monetary policy measures, increasing confidence about the survival of the European monetary union. The remaining European energy commodities (electricity, EUAs, and natural gas prices) seem to be unaffected by monetary policy actions. We think these results are of interest to those economic agents and institutions involved in European energy markets and are especially important for the European Central Bank in order to predict the consequences of its monetary policy on the inflation objective. *** Suggested citation: Torró, H. (2018), 'The Response of European Energy Prices to ECB Monetary Policy', Nota di Lavoro 9.2018, Milano, Italy: Fondazione Eni Enrico Mattei |
特色分类 | C26;E58;G13;Q41 |
关键词 | Brent Monetary Policy European Central Bank Energy Commodities |
URL | https://www.feem.it/en/publications/feem-working-papers-note-di-lavoro-series/the-response-of-european-energy-prices-to-ecb-monetary-policy/ |
来源智库 | Fondazione Eni Enrico Mattei (Italy) |
资源类型 | 智库出版物 |
条目标识符 | http://119.78.100.153/handle/2XGU8XDN/118583 |
推荐引用方式 GB/T 7714 | Hipòlit Torró. The Response of European Energy Prices to ECB Monetary Policy. 2018. |
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cover-front27.jpg(74KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
ndl2018-009.pdf(589KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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