Not All Energy Shocks Are Created Equal

2026

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AI-generated summary

1) This study examines the complexities of responding to supply-driven inflation, particularly in light of recent and potential future energy shocks, and questions the appropriateness of standard monetary policy responses.
2) * Analysis of the 2022-2023 and projected 2026 inflationary episodes, focusing on energy shocks.
* Exploration of the challenges in distinguishing between supply and demand-driven inflation in real-time.
* Evaluation of the ECB's response to past energy crises and implications for future policy.
3) Energy shocks, monetary policy, inflation, ECB, supply-side inflation

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