Do Inflation Expectations Propagate the Inflationary Impact of Real Oil Price Shocks?: Evidence from the Michigan Survey

Benjamin Wong

doi:10.1111/jmcb.12288

Do Inflation Expectations Propagate the Inflationary Impact of Real Oil Price Shocks? Evidence from the Michigan Survey

Benjamin Wong^*

^*Corresponding author for this work

Research output: Contribution to journal › Article › peer-review

58 Citations (Scopus)

Abstract

This paper presents evidence that inflation expectations, as measured by the Michigan Survey of Consumers, only play a minimal role in the propagation of real oil price shocks into inflation. This is despite evidence that confirms that inflation expectations are sensitive to real oil price shocks. Further analysis suggests that after the 1990s, inflation expectations may have played no part in propagating real oil price shocks into inflation.

Original language	English
Pages (from-to)	1673-1689
Number of pages	17
Journal	Journal of Money, Credit and Banking
Volume	47
Issue number	8
DOIs	https://doi.org/10.1111/jmcb.12288
Publication status	Published - Dec 2015

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title = "Do Inflation Expectations Propagate the Inflationary Impact of Real Oil Price Shocks?: Evidence from the Michigan Survey",

abstract = "This paper presents evidence that inflation expectations, as measured by the Michigan Survey of Consumers, only play a minimal role in the propagation of real oil price shocks into inflation. This is despite evidence that confirms that inflation expectations are sensitive to real oil price shocks. Further analysis suggests that after the 1990s, inflation expectations may have played no part in propagating real oil price shocks into inflation.",

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Do Inflation Expectations Propagate the Inflationary Impact of Real Oil Price Shocks? Evidence from the Michigan Survey

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