the impact of oil price changes infaction
TRANSCRIPT
-
8/2/2019 The Impact of Oil Price Changes Infaction
1/35
THE IMPACT OF OIL PRICE CHANGES
ON SPANISH AND EURO AREACONSUMER PRICE INFLATION
Documentos Ocasionales
N. 0904
Luis J. lvarez, Samuel Hurtado,Isabel Snchez and Carlos Thomas
2009
-
8/2/2019 The Impact of Oil Price Changes Infaction
2/35
THE IMPACT OF OIL PRICE CHANGES ON SPANISH AND EURO AREA
CONSUMER PRICE INFLATION
-
8/2/2019 The Impact of Oil Price Changes Infaction
3/35
THE IMPACT OF OIL PRICE CHANGES ON SPANISH AND
EURO AREA CONSUMER PRICE INFLATION(*)
Luis J. lvarez (**), Samuel Hurtado, Isabel Snchez
and Carlos ThomasBANCO DE ESPAA
(*)We are grateful to participants at a Workshop of Eurosystem and Latin American Central Banks and at a Banco
de Espaa seminar, particularly ngel Estrada, Jos Manuel Gonzlez, Mario Izquierdo, Eva Ortega and Juan
Pealosa for helpful comments and suggestions.
(**) Corresponding author: [email protected].
Documentos Ocasionales. N. 0904
2009
-
8/2/2019 The Impact of Oil Price Changes Infaction
4/35
The Occasional Paper Series seeks to disseminate work conducted at the Banco de Espaa, in theperformance of its functions, that may be of general interest.
The opinions and analyses in the Occasional Paper Series are the responsibility of the authors and,therefore, do not necessarily coincide with those of the Banco de Espaa or the Eurosystem.
The Banco de Espaa disseminates its main reports and most of its publications via the INTERNETat the following website: http://www.bde.es.
Reproduction for educational and non-commercial purposes is permitted provided that the source isacknowledged.
BANCO DE ESPAA, Madrid, 2009
ISSN: 1696-2222 (print)
ISSN: 1696-2230 (on line)Depsito legal: M. 42145-2009Unidad de Publicaciones, Banco de Espaa
-
8/2/2019 The Impact of Oil Price Changes Infaction
5/35
Abstract
This paper assesses the impact of oil price changes on Spanish and euro area consumer
price inflation. We find, consistently with recent international evidence, that the inflationary
effect of oil price changes is limited, even though crude oil price fluctuations are a major
driver of inflation variability. The impact on Spanish inflation is found to be somewhat higher
than in the euro area. Direct effects are increasing over time, reflecting the higher spending
of households on refined oil products, whereas indirect ones, defined in broad terms, are
losing importance.
Keywords: oil prices, consumer price inflation, Spanish and Euro area inflation, DSGE
models.
JEL classification: E20, E31, E37.
-
8/2/2019 The Impact of Oil Price Changes Infaction
6/35
BANCO DE ESPAA 9 DOCUMENTO OCASIONAL N. 0904
-
8/2/2019 The Impact of Oil Price Changes Infaction
7/35
BANCO DE ESPAA 10 DOCUMENTO OCASIONAL N. 0904
-
8/2/2019 The Impact of Oil Price Changes Infaction
8/35
BANCO DE ESPAA 11 DOCUMENTO OCASIONAL N. 0904
CONSUMER PRICE INFLATION. CONTRIBUTION OF ENERGY
Sources: INE, Eurostat and Banco de Espaa.
-1
0
1
2
3
4
5
1996 1998 2000 2002 2004 2006 2008
ENERGY (pp)
NON-ENERGY (pp)
INFLATION (%) (HICP)
SPAIN
-1
0
1
2
3
4
5
1996 1998 2000 2002 2004 2006 2008
ENERGY (pp)
NON-ENERGY (pp)
INFLATION (%) (HICP)
EMU
CONTRIBUTIONS TO INFLATIONSpain EMU Germany France Italy
ENERGY
Average 1996-2008 0.4 0.4 0.5 0.3 0.3
Maximum year 1.2 1.1 1.2 1.0 0.9
Minimum year -0.3 -0.2 -0.3 -0.2 -0.2
OIL REFINED PRODUCTS (a)
Average 1996-2008 0.3 0.2 0.2 0.2 0.1
Maximum year 0.9 0.7 0.8 0.8 0.5
Minimum year -0.1 -0.2 -0.2 -0.3 -0.1
Sources: Eurostat and Banco de Espaa
(a) Liquid fuels and fuels and lubricants for personal transport equipment.
-
8/2/2019 The Impact of Oil Price Changes Infaction
9/35
-
8/2/2019 The Impact of Oil Price Changes Infaction
10/35
BANCO DE ESPAA 13 DOCUMENTO OCASIONAL N. 0904
Spain EU 14 (a) Germany France Italy
PETROL
Retail price 100.0 100.0 100.0 100.0 100.0
Taxes 52.6 63.1 65.0 63.7 60.1
Price without taxes 47.4 36.9 35.0 36.3 39.9
DIESEL OIL
Retail price 100.0 100.0 100.0 100.0 100.0
Taxes 45.9 55.7 56.5 55.4 52.8
Price without taxes 54.1 44.3 43.5 44.6 47.2
Source: European Commission.
(a) EU14: EU15 excluding Spain.
RETAIL PRICES AND TAXES
-
8/2/2019 The Impact of Oil Price Changes Infaction
11/35
BANCO DE ESPAA 14 DOCUMENTO OCASIONAL N. 0904
(1) Total effect after 2 months, except for gas.
(2) Traditional macro model (MTBE).
2.93 2.77
4.955.22
2.692.25
2.001.77
0.21 0.20 0.17
0
1
2
3
4
5
6
SPAIN EMU SPAIN EMU SPAIN SPAIN SPAIN
(2)
EMU SPAIN SPAIN
(2)
EMU
DIRECT IMPACT OF A 10% INCREASE IN THE OIL PRICE (1)
TRANSPORT
FUELS HEATING OIL GAS ENERGY HICP
Spain
Residual standard error= 1.43% R= 0.67
Residual standard error= 2.81% R= 0.59
Residual standard error= 1.88% R= 0.52
43$
613$
6)7.7(
))(/)(/())(/)((20.0 ttttttt ErmmPcrudemmErmmPcrudemmgasNaturalP
5323)8.8(
))(/())((37.0tan
ttttt PcrudemmPcrudemmgaseBuP
1)2.9()8.10(
13.016.0 ttt PcrudePcrudefuelstransportHICP
1)2.9()0.8(
27.023.0 ttt PcrudePcrudeoilheatingHICP
-
8/2/2019 The Impact of Oil Price Changes Infaction
12/35
BANCO DE ESPAA 15 DOCUMENTO OCASIONAL N. 0904
Residual standard error= 1.16% R= 0.45
EMU
Residual standard error= 1.42% R= 0.64
Residual standard error= 3.17% R= 0.58
Definition of variables:
Pcrude: Price of crude oil (North Sea Brent) in eurosEr: euro dollar exchange ratePcrude$t : Price of crude oil in dollars
mm i : moving aerage of order i
1)3.8(
t)7.10(
t Pcrude12.0Pcrude16.0fuelstransportHICP t
1-t)0.5(
t)9.10(
t Pcrude16.0Pcrude36.0oilheatingHICP
-
8/2/2019 The Impact of Oil Price Changes Infaction
13/35
BANCO DE ESPAA 16 DOCUMENTO OCASIONAL N. 0904
Price increases Mean scores (1) p-value (2)
% Relevant
factor (3)
A change in the cost of raw materials 3.12 0.00 72.6%
A change in labour costs 2.72 0.00 56.8%
A change in competitors prices 2.54 0.00 52.1%
A change in demand 2.36 0.00 43.5%
A change in energy and fuel prices 2.20 0.00 35.3%
A change in other production costs 2.10 0.89 32.0%
An improvement in design, quality or the product range 2.09 0.00 34.0%
A change in productivity 1.91 0.00 27.3%
A change in financial costs 1.77 -- 19.4%
Price decreasesMean scores (1) p-value (2)
% Relevant
factor (3)
A change in competitors prices 2.66 0.08 57.2%
A change in the cost of raw materials 2.54 0.00 51.7%
A change in demand 2.43 0.00 48.1%
The intention of gaining market share 2.20 0.00 40.1%
A change in labour costs 1.96 0.00 29.3%
A change in productivity 1.85 0.01 25.9%
A change in energy and fuel prices 1.83 1.00 23.1%
A change in other production costs 1.83 0.00 23.5%
A change in financial costs 1.55 -- 13.4%
(3) % important denotes the fraction of firms rating the factor as important or very important.
(2) The p-value in columns 2 refers to the null hypothesis that the factor's mean scores (reported in colum 1) is
Driving factors of price increases and decreases
(1) Respondents are asked in question C1 to indicate the importance of each factor, the alternative scores being: (1)
unimportant, (2) of minor im portance,(3) important, (4) very important.
-
8/2/2019 The Impact of Oil Price Changes Infaction
14/35
BANCO DE ESPAA 17 DOCUMENTO OCASIONAL N. 0904
COST STRUCTURE (%)
OIL AND FUELS
COSTS
OTHER ENERGY
COSTS
OTHER
INTERMEDIATE
CONSUMPTION
COSTS
COMPENSATION
PER EMPLOYEETOTAL
Total economy 3.4 2.0 61.4 33.2 100
Energy 21.1 18.5 45.3 15.1 100
Industry 5.7 1.9 73.8 18.6 100
Services 1.3 1.3 54.0 43.4 100
Total economy 2.9 1.6 59.3 36.2 100
Energy 13.9 20.2 44.0 21.9 100Industry 5.2 1.6 71.7 21.5 100
Services 1.2 0.9 50.9 47.0 100
SPAIN
EMU (a)
COST STRUCTURE OF DIFFERENT INDUSTRIES. INPUT OUTPUT TABLE, BASIC PRICES. YEAR 2005
SOURCE: Eurostat.
a. EMU: Germany, France and Spain.
-
8/2/2019 The Impact of Oil Price Changes Infaction
15/35
BANCO DE ESPAA 18 DOCUMENTO OCASIONAL N. 0904
OIL PRICE INCREASES AND INFLATION
ADJUSTMENT CLAUSES (a)
SOURCE: Banco de Espaa.
a. Annual figures: 1991-2008
-0.2
0
0.2
0.4
0.6
0.8
1
1.2
-40 -20 0 20 40 60
pp
OIL PRICE INCREASE
SIZEOFINFLATION
ADJUSTMENT
C
LAUSES
%
-
8/2/2019 The Impact of Oil Price Changes Infaction
16/35
BANCO DE ESPAA 19 DOCUMENTO OCASIONAL N. 0904
EXPERT SURVEY FIRM SURVEY
PERCENTAGE OF
WORKERS COVERED
BY WAGE
INDEXATIONS
CLAUSES
TOTALAUTOMATIC LINK
TO PAST INFLATION
AUTOMATIC LINK TO
EXPECTED INFLATION
NO FORMAL RULE.
PAST INFLATION
TAKEN INTO
ACCOUNT
NO FORMAL RULE.
EXPECTED INFLATION
TAKEN INTO
ACCOUNT
Spain >75% 70 38 16 11 5
Euro area 31 13 4 6 7
Germany None 27 na na na na
France
-
8/2/2019 The Impact of Oil Price Changes Infaction
17/35
BANCO DE ESPAA 20 DOCUMENTO OCASIONAL N. 0904
-
8/2/2019 The Impact of Oil Price Changes Infaction
18/35
BANCO DE ESPAA 21 DOCUMENTO OCASIONAL N. 0904
-
8/2/2019 The Impact of Oil Price Changes Infaction
19/35
BANCO DE ESPAA 22 DOCUMENTO OCASIONAL N. 0904
Efects rom a 10% rise in the price o oil according to MTBE
Accumulatedpercentagediferencesrom basescenario
1. PRICES AND COSTS
Harmonized index o consumer prices (HICP) 0.25 0.38 0.33 0.23 0.28 0.20
Non-energy component o HICP 0.07 0.25 0.22 0.05 0.15 0.09
Energy-component o HICP 1.79 1.59 1.33 1.77 1.53 1.27
GDP deator 0.16 0.18 0.03 0.10 0.05 -0.08
Private consumption deator 0.29 0.23 0.03 0.22 0.11 -0.04
Deator o exports o goods and services 0.06 0.12 0.00 0.04 0.05 -0.04
Deator o imports o goods and services 0.91 0.83 0.63 0.89 0.79 0.61
Unit labour costs 0.09 0.25 0.08 0.00 0.10 -0.03
Compensation per employee 0.08 0.17 0.16 0.00 0.01 0.03
2. ACTIVITY (constant prices)
GDP 0.01 -0.21 -0.27 0.01 -0.21 -0.27
Private consumption -0.04 -0.09 -0.18 -0.04 -0.09 -0.20
Public consumption 0.00 0.00 0.00 0.00 0.00 0.00
Gross xed capital ormation 0.06 -0.11 -0.39 0.04 -0.21 -0.47
Exports o goods and services -0.01 -0.09 -0.06 -0.01 -0.05 -0.01
Imports o goods and services -0.06 0.12 -0.07 -0.08 0.08 -0.08
Contributions to growth o real GDP
National demand (diference in levels) 0.00 -0.08 -0.21 -0.01 -0.11 -0.24
Net exports (diference in levels) 0.02 -0.05 0.01 0.03 -0.03 0.03
3. OTHER VARIABLES
Unemployment rate (diference in levels) -0.01 0.08 0.20 -0.01 0.07 0.19
Employment 0.02 -0.12 -0.35 0.02 -0.11 -0.34
Real disposable income -0.17 -0.24 -0.19 -0.15 -0.25 -0.24
exogenous wagesendogenous wages
year
2
year
3
year
1
year
2
year
3
year
1
-
8/2/2019 The Impact of Oil Price Changes Infaction
20/35
BANCO DE ESPAA 23 DOCUMENTO OCASIONAL N. 0904
Effects from a 10% rise in the price of oil with endogenous and exogenous wages
HICP energy HICP non-energy HICP
GDP deflator Private consumption deflator Imports deflator
GDP Employment Private sector wages
baseli ne s imu la ti on (endogenous wages) exogenous wages
0,0
0,1
0,2
0,3
0,4
0,5
-0,2
-0,1
0,0
0,1
0,2
0,3
-0,4
-0,3
-0,2
-0,1
0,0
0,1
0,0
0,5
1,0
1,5
2,0
-0,1
0,0
0,1
0,2
0,3
0,4
-0,5
-0,4
-0,3
-0,2
-0,1
0,0
0,1
-0,1
0,0
0,1
0,2
0,3
0,0
0,2
0,4
0,6
0,8
1,0
1,2
-0,1
0,0
0,1
0,2
0,3
-
8/2/2019 The Impact of Oil Price Changes Infaction
21/35
BANCO DE ESPAA 24 DOCUMENTO OCASIONAL N. 0904
Impact o a 10% rise in the international price o oil
Year 1 Year 2 Year 1 Year 2
22.0-10.031.052.0)1(tceelatoT
00.000.000.002.0)2(tceetceriD22.0-10.050.030.0)3(tceetceridnI
Second-round efect (4) 0.02 0.07 0.00 0.00
Euro area total efect (5) 0.06 to 0.32 0.02 to 0.22 -0.02 to -0.16 -0.06 to 0.04
Ination GDP (rate o growth)
(1) Results from baseline simulation with MTBE.
(2) Coefficients in equations, and weight of energy in total HICP.
(3) Results from simulation with exogenous wages, minus (2).
(4) Results from baseline simulation minus (2) minus (3).
(5) Results for the euro area from other large-scale macroeconomic models (ECB AWM, EC QUEST, NiGEM, OECD Interlink, IMF Multimod)
-
8/2/2019 The Impact of Oil Price Changes Infaction
22/35
BANCO DE ESPAA 25 DOCUMENTO OCASIONAL N. 0904
-
8/2/2019 The Impact of Oil Price Changes Infaction
23/35
BANCO DE ESPAA 26 DOCUMENTO OCASIONAL N. 0904
-
8/2/2019 The Impact of Oil Price Changes Infaction
24/35
BANCO DE ESPAA 27 DOCUMENTO OCASIONAL N. 0904
-
8/2/2019 The Impact of Oil Price Changes Infaction
25/35
BANCO DE ESPAA 28 DOCUMENTO OCASIONAL N. 0904
-
8/2/2019 The Impact of Oil Price Changes Infaction
26/35
BANCO DE ESPAA 29 DOCUMENTO OCASIONAL N. 0904
-
8/2/2019 The Impact of Oil Price Changes Infaction
27/35
BANCO DE ESPAA 30 DOCUMENTO OCASIONAL N. 0904
0 5 10 15 200
0.05
0.1
0.15
0.2GDP deflator
Spain
rest of EMU
0 5 10 15 200
0.1
0.2
0.3
0.4HICP
0 5 10 15 200.02
0.04
0.06
0.08
0.1nominal interest rate
0 5 10 15 20-0.02
0
0.02
0.04
0.06real interest rate
0 5 10 15 20-0.3
-0.2
-0.1
0
0.1private consumption
0 5 10 15 20-1
-0.5
0
0.5private investment
0 5 10 15 20-0.3
-0.2
-0.1
0
0.1GDP
0 5 10 15 20-0.2
-0.1
0
0.1
0.2employment
0 5 10 15 20-0.1
-0.05
0
0.05
0.1nominal wages
-
8/2/2019 The Impact of Oil Price Changes Infaction
28/35
BANCO DE ESPAA 31 DOCUMENTO OCASIONAL N. 0904
-
8/2/2019 The Impact of Oil Price Changes Infaction
29/35
BANCO DE ESPAA 32 DOCUMENTO OCASIONAL N. 0904
0 5 10 15 200
0.05
0.1
0.15
0.2GDP deflator
baseline model
no wage indexation
0 5 10 15 200
0.1
0.2
0.3
0.4HICP
0 5 10 15 200.02
0.04
0.06
0.08
0.1nominal interest rate
0 5 10 15 20-0.02
0
0.02
0.04real interest rate
0 5 10 15 20-0.3
-0.2
-0.1
0
0.1private consumption
0 5 10 15 20-1
-0.5
0
0.5private investment
0 5 10 15 20-0.3
-0.2
-0.1
0
0.1GDP
0 5 10 15 20-0.2
-0.1
0
0.1
0.2employment
0 5 10 15 20-0.1
-0.05
0
0.05
0.1nominal wages
-
8/2/2019 The Impact of Oil Price Changes Infaction
30/35
BANCO DE ESPAA 33 DOCUMENTO OCASIONAL N. 0904
0 5 10 15 20-0.1
0
0.1
0.2
0.3non-energy CPI
baseline model
core inflation targeting
0 5 10 15 20-0.1
0
0.1
0.2
0.3HICP
0 5 10 15 20-0.05
0
0.05
0.1
0.15nominal interest rate
0 5 10 15 20-0.1
-0.05
0
0.05
0.1real interest rate
0 5 10 15 20-0.3
-0.2
-0.1
0
0.1private consumption
0 5 10 15 20-1
-0.5
0
0.5private investment
0 5 10 15 20-0.3
-0.2
-0.1
0
0.1GDP
0 5 10 15 20-0.2
-0.1
0
0.1
0.2employment
0 5 10 15 20-0.1
-0.05
0
0.05
0.1nominal wages
-
8/2/2019 The Impact of Oil Price Changes Infaction
31/35
BANCO DE ESPAA 34 DOCUMENTO OCASIONAL N. 0904
-
8/2/2019 The Impact of Oil Price Changes Infaction
32/35
BANCO DE ESPAA 35 DOCUMENTO OCASIONAL N. 0904
-
8/2/2019 The Impact of Oil Price Changes Infaction
33/35
BANCO DE ESPAA 36 DOCUMENTO OCASIONAL N. 0904
-
8/2/2019 The Impact of Oil Price Changes Infaction
34/35
BANCO DE ESPAA PUBLICATIONS
OCCASIONAL PAPERS
0501 JOS RAMN MARTNEZ-RESANO: Size and heterogeneity matter. A microstructure-based analysis ofregulation of secondary markets for government bonds.
0502 ALICIA GARCA-HERRERO, SERGIO GAVIL AND DANIEL SANTABRBARA: Chinas banking reform: an
assessment of its evolution and possible impact.
0503 ANA BUISN, DAVID LEARMONTH AND MARA SEBASTI BARRIEL: An industry approach to understanding
export performance: stylised facts and empirical estimation.
0504 ANA BUISN AND FERNANDO RESTOY: Cross-country macroeconometric heterogeneity in EMU.
0505 JOS LUIS MALO DE MOLINA: Una larga fase de expansin de la economa espaola.
0506 VCTOR GARCA-VAQUERO AND JORGE MARTNEZ: Fiscalidad de la vivienda en Espaa.
0507 JAIME CARUANA: Monetary policy, financial stability and asset prices.
0601 JUAN F. JIMENO, JUAN A. ROJAS AND SERGIO PUENTE: Modelling the impact of aging on Social Security
expenditures.
0602 PABLO MARTN-ACEA: La Banque de France, la BRI et la cration du Service des tudes de la Banque
dEspagne au dbut des annes 1930. (There is a Spanish version of this edition with the same number.)
0603 CRISTINA BARCEL: Imputation of the 2002 wave of the Spanish Survey of Household Finances (EFF).
0604 RAFAEL GMEZ AND PABLO HERNNDEZ DE COS: The importance of being mature: The effect of
demographic maturation on global per-capita income.
0605 JUAN RUIZ AND JOSEP VILARRUBIA: International recycling of petrodollars. (The original Spanish version has
the same number.)
0606 ALICIA GARCA-HERRERO AND SERGIO GAVIL: Posible impacto de Basilea II en los pases emergentes.
0607 ESTHER GORDO, JAVIER JAREO AND ALBERTO URTASUN: Radiografa del sector de servicios en Espaa.
0608 JUAN AYUSO, ROBERTO BLANCO AND FERNANDO RESTOY: House prices and real interest rates in Spain.
0701 JOS LUIS MALO DE MOLINA: Los principales rasgos y experiencias de la integracin de la economa espaola
en la UEM.
0702 ISABEL ARGIMN, FRANCISCO DE CASTRO AND NGEL LUIS GMEZ: Una simulacin de los efectos de la
reforma del IRPF sobre la carga impositiva.0703 YENER ALTUNBA, ALPER KARA AND ADRIAN VAN RIXTEL: Corporate governance and corporate ownership:
The investment behaviour of Japanese institutional investors.
0704 ARTURO MACAS AND LVARO NASH: Efectos de valoracin en la posicin de inversin internacional de
Espaa.
0705 JUAN NGEL GARCA AND ADRIAN VAN RIXTEL: Inflation-linked bonds from a central bank perspective.
0706 JAVIER JAREO: Las encuestas de opinin en el anlisis coyuntural de la economa espaola.
0801 MARA J. NIETO AND GARRY J. SCHINASI: EU framework for safeguarding financial stability: Towards an
analytical benchmark for assessing its effectiveness.
0802 SILVIA IRANZO: Delving into country risk. (There is a Spanish version of this edition with the same number.)
0803 OLYMPIA BOVER: The Spanish survey of household finances (EFF): Description and methods of the 2005 wave.
0804 JAVIER DAZ-CASSOU, AITOR ERCE-DOMNGUEZ AND JUAN J. VZQUEZ-ZAMORA: Recent episodes of
sovereign debt restructurings. A case-study approach.0805 JAVIER DAZ-CASSOU, AITOR ERCE-DOMNGUEZ AND JUAN J. VZQUEZ-ZAMORA: The role of the IMF in
recent sovereign debt restructurings: Implications for the policy of lending into arrears.
0806 MIGUEL DE LAS CASAS AND XAVIER SERRA: Simplification of IMF lending. Why not just one flexible credit
facility?
0807 MIGUEL GARCA-POSADA AND JOSEP M. VILARRUBIA: Mapa de exposicin internacional de la economa
espaola.
0808 SARAI CRIADO AND ADRIAN VAN RIXTEL: Structured finance and the financial turmoil of 2007-2008: An
introductory overview. (There is a Spanish version of this edition with the same number.)
-
8/2/2019 The Impact of Oil Price Changes Infaction
35/35
0809 FRANCISCO DE CASTRO AND JOS M. GONZLEZ-MNGUEZ: La composicin de las finanzas pblicas y el
crecimiento a largo plazo: Un enfoque macroeconmico.
0810 OLYMPIA BOVER: The dynamics of household income and wealth: results from the panel of the Spanish survey
of household finances (EFF) 2002-2005. (The original Spanish version has the same number.)0901 NGEL ESTRADA, JUAN F. JIMENO AND JOS LUIS MALO DE MOLINA: The Spanish economy in EMU:
The first ten years. (The original Spanish version has the same number.)
0902 NGEL ESTRADA AND PABLO HERNNDEZ DE COS: Oil prices and their effect on potential output. (The
original Spanish version has the same number.)
0903 PALOMA LPEZ-GARCA, SERGIO PUENTE AND NGEL LUIS GMEZ: Employment generation by small firms
in Spain.
0904 LUIS J. LVAREZ, SAMUEL HURTADO, ISABEL SNCHEZ AND CARLOS THOMAS: The impact of oil price
changes on Spanish and euro area consumer price inflation.
Unidad de Publicaciones
Alcal, 522; 28027 Madrid
Telephone +34 91 338 6363. Fax +34 91 338 6488
e-mail: [email protected]
www.bde.es
E
Unidad de Publicaciones
Alcal, 522; 28027 Madrid
Telephone +34 91 338 6363. Fax +34 91 338 6488
e-mail: [email protected]
www.bde.es
E