{"id":117664,"date":"2024-01-22T20:37:48","date_gmt":"2024-01-22T19:37:48","guid":{"rendered":"https:\/\/www.wifo.ac.at\/publication\/117664\/"},"modified":"2024-11-07T04:48:51","modified_gmt":"2024-11-07T03:48:51","slug":"us-inflation-and-crude-oil-prices-an-international-perspective","status":"publish","type":"publication","link":"https:\/\/www.wifo.ac.at\/en\/publication\/117664\/","title":{"rendered":"US Inflation and Crude Oil Prices. An International Perspective"},"content":{"rendered":"","protected":false},"featured_media":0,"template":"","class_list":["post-117664","publication","type-publication","status-publish","hentry"],"acf":{"subtitle":"","text":"This paper explores the question to what extent non-domestic factors provide an explanation of US inflation over the last three decades. Are lagged dependent variables \u2013 traditionally interpreted as proxies for inflation expectations \u2013 simply proxies for oil and commodity prices? The results of a Phillips curve covering the years from the first oil price shock to the year 2014 show that crude oil prices, which basically are world market prices, have exerted a strong influence on inflation, while inflation expectations have played a much feebler role in the inflation process since the \"Volcker\" disinflation. Over the years the effects of domestic factors, such as the unemployment rate, have weakened.","onlinedate":"2013-06-03 12:00:00","lang":"English","publication_series":"","publication_date":"20130601","publication_date_year":"","publication_date_full":false,"publication_num_pages":"28","keywords":"[\"Commodity prices\",\"Phillips Curve\",\"expectations\",\"inflation\",\"monetary policy\"]","jelcodes":"[]","related_publications":"[]","pdf":347677,"zip":null,"link":"","monthly_report":true,"monthly_report_main":false,"monthly_report_volume":"","monthly_report_pages":"","monthly_report_pages_sort":"0","issue":"451","journal":"WIFO Working Papers","publisher":"","invisible":false,"external":false,"embargo_date":"2013-06-03 12:00:00","types":[44410],"research_groups":[3510,3500],"collaboration":"","persons":[3797],"persons_data":"[{\"personId\":3797,\"personName\":\"Wolfgang Pollan\",\"organisationNames\":[]}]","clients":[],"subclients":[],"partners":[],"topics":[],"host_publication_title":"","host_publication_subtitle":"","place_of_publication":"","host_publication_editors":"[]","type_description":"","output_media":"","chapter":"","article_number":"","scientific_assistance":"[]","scientific_review":"[]","version":"","release_date":null,"expiration_date":null,"surveyor":"","research_assistance":"","edv":"","additional_info_de":"","additional_info_en":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>US Inflation and Crude Oil Prices. An International Perspective - WIFO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.wifo.ac.at\/en\/publication\/117664\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"US Inflation and Crude Oil Prices. 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