{"id":"https://openalex.org/W1589615121","doi":"https://doi.org/10.1787/206408110285","title":"Why has Core Inflation Remained so Muted in the Face of the Oil Shock?","display_name":"Why has Core Inflation Remained so Muted in the Face of the Oil Shock?","publication_year":2007,"publication_date":"2007-04-23","ids":{"openalex":"https://openalex.org/W1589615121","doi":"https://doi.org/10.1787/206408110285","mag":"1589615121"},"language":"en","primary_location":{"id":"doi:10.1787/206408110285","doi":"https://doi.org/10.1787/206408110285","is_oa":true,"landing_page_url":"https://doi.org/10.1787/206408110285","pdf_url":"https://www.oecd-ilibrary.org/why-has-core-inflation-remained-so-muted-in-the-face-of-the-oil-shock_5l4qb563vrjg.pdf?itemId=%2Fcontent%2Fpaper%2F206408110285&mimeType=pdf","source":{"id":"https://openalex.org/S4210239538","display_name":"OECD Economics Department working papers","issn_l":"1815-1973","issn":["1815-1973"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["cwts-core"],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"OECD Economics Department Working Papers","raw_type":"report"},"volume":null,"type":"report","indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"bronze","oa_url":"https://www.oecd-ilibrary.org/why-has-core-inflation-remained-so-muted-in-the-face-of-the-oil-shock_5l4qb563vrjg.pdf?itemId=%2Fcontent%2Fpaper%2F206408110285&mimeType=pdf","any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5029525931","display_name":"Paul Joseph Van Den Noord","orcid":"https://orcid.org/0000-0001-5725-5811","observed_orcids":["https://orcid.org/0000-0001-5725-5811"]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Paul van den Noord","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]},{"author_position":"last","author":{"id":null,"display_name":"Christophe Andr\u00e9","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I1288051870","display_name":"Organisation de Coop\u00e9ration et de D\u00e9veloppement Economiques","ror":"https://ror.org/0438wbg98","country_code":"FR","type":"government","lineage":["https://openalex.org/I1288051870"]}],"countries":["FR"],"is_corresponding":false,"raw_author_name":"Christophe Andr\u00e9","raw_affiliation_strings":["OECD France"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"OECD France","institution_ids":["https://openalex.org/I1288051870"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":null,"has_fulltext":true,"cited_by_count":36,"citation_normalized_percentile":null,"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.9794999957084656,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.9794999957084656,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11059","display_name":"Market Dynamics and Volatility","score":0.019899999722838402,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11898","display_name":"Economics of Agriculture and Food Markets","score":9.999999747378752e-05,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/core-inflation","display_name":"core inflation","score":0.9990000128746033},{"id":"https://openalex.org/keywords/oil-price-shocks","display_name":"oil price shocks","score":0.7300000190734863},{"id":"https://openalex.org/keywords/energy-prices","display_name":"energy prices","score":0.6610000133514404},{"id":"https://openalex.org/keywords/phillips-curve","display_name":"Phillips curve","score":0.640999972820282},{"id":"https://openalex.org/keywords/output-gap","display_name":"output gap","score":0.8640000224113464},{"id":"https://openalex.org/keywords/economic-slack","display_name":"economic slack","score":0.8370000123977661},{"id":"https://openalex.org/keywords/inflation-expectations","display_name":"inflation expectations","score":0.8450000286102295},{"id":"https://openalex.org/keywords/energy-intensity","display_name":"energy intensity","score":0.871999979019165},{"id":"https://openalex.org/keywords/dot-com-bubble","display_name":"dot-com bubble","score":0.8569999933242798},{"id":"https://openalex.org/keywords/monetary-policy","display_name":"monetary policy","score":0.7789999842643738},{"id":"https://openalex.org/keywords/united-states","display_name":"United States","score":0.7730000019073486},{"id":"https://openalex.org/keywords/euro-area","display_name":"euro area","score":0.9990000128746033}],"concepts":[{"id":"https://openalex.org/C2777763362","wikidata":"https://www.wikidata.org/wiki/Q1739354","display_name":"Core inflation","level":4,"score":0.859184980392456},{"id":"https://openalex.org/C200941418","wikidata":"https://www.wikidata.org/wiki/Q273508","display_name":"Inflation (cosmology)","level":2,"score":0.7995314598083496},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.7806127071380615},{"id":"https://openalex.org/C2781300812","wikidata":"https://www.wikidata.org/wiki/Q178061","display_name":"Shock (circulatory)","level":2,"score":0.7408099174499512},{"id":"https://openalex.org/C165556158","wikidata":"https://www.wikidata.org/wiki/Q83937","display_name":"Keynesian economics","level":1,"score":0.6371626257896423},{"id":"https://openalex.org/C2164484","wikidata":"https://www.wikidata.org/wiki/Q5170150","display_name":"Core (optical fiber)","level":2,"score":0.6295344233512878},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.5487901568412781},{"id":"https://openalex.org/C2779513878","wikidata":"https://www.wikidata.org/wiki/Q631916","display_name":"Output gap","level":3,"score":0.5319310426712036},{"id":"https://openalex.org/C2779304628","wikidata":"https://www.wikidata.org/wiki/Q3503480","display_name":"Face (sociological concept)","level":2,"score":0.4604173004627228},{"id":"https://openalex.org/C154815372","wikidata":"https://www.wikidata.org/wiki/Q1140421","display_name":"Real interest rate","level":3,"score":0.4429459273815155},{"id":"https://openalex.org/C2778774626","wikidata":"https://www.wikidata.org/wiki/Q220841","display_name":"Phillips curve","level":3,"score":0.4425416886806488},{"id":"https://openalex.org/C139719470","wikidata":"https://www.wikidata.org/wiki/Q39680","display_name":"Macroeconomics","level":1,"score":0.4394017457962036},{"id":"https://openalex.org/C126285488","wikidata":"https://www.wikidata.org/wiki/Q178476","display_name":"Monetary policy","level":2,"score":0.4298173189163208},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.370543897151947},{"id":"https://openalex.org/C185824701","wikidata":"https://www.wikidata.org/wiki/Q1193759","display_name":"Inflation targeting","level":3,"score":0.24433010816574097},{"id":"https://openalex.org/C127413603","wikidata":"https://www.wikidata.org/wiki/Q11023","display_name":"Engineering","level":0,"score":0.08639788627624512},{"id":"https://openalex.org/C121332964","wikidata":"https://www.wikidata.org/wiki/Q413","display_name":"Physics","level":0,"score":0.08058232069015503},{"id":"https://openalex.org/C33332235","wikidata":"https://www.wikidata.org/wiki/Q18362","display_name":"Theoretical physics","level":1,"score":0.0},{"id":"https://openalex.org/C71924100","wikidata":"https://www.wikidata.org/wiki/Q11190","display_name":"Medicine","level":0,"score":0.0},{"id":"https://openalex.org/C144024400","wikidata":"https://www.wikidata.org/wiki/Q21201","display_name":"Sociology","level":0,"score":0.0},{"id":"https://openalex.org/C36289849","wikidata":"https://www.wikidata.org/wiki/Q34749","display_name":"Social science","level":1,"score":0.0},{"id":"https://openalex.org/C76155785","wikidata":"https://www.wikidata.org/wiki/Q418","display_name":"Telecommunications","level":1,"score":0.0},{"id":"https://openalex.org/C126322002","wikidata":"https://www.wikidata.org/wiki/Q11180","display_name":"Internal medicine","level":1,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.1787/206408110285","doi":"https://doi.org/10.1787/206408110285","is_oa":true,"landing_page_url":"https://doi.org/10.1787/206408110285","pdf_url":"https://www.oecd-ilibrary.org/why-has-core-inflation-remained-so-muted-in-the-face-of-the-oil-shock_5l4qb563vrjg.pdf?itemId=%2Fcontent%2Fpaper%2F206408110285&mimeType=pdf","source":{"id":"https://openalex.org/S4210239538","display_name":"OECD Economics Department working papers","issn_l":"1815-1973","issn":["1815-1973"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["cwts-core"],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"OECD Economics Department Working Papers","raw_type":"report"}],"best_oa_location":{"id":"doi:10.1787/206408110285","doi":"https://doi.org/10.1787/206408110285","is_oa":true,"landing_page_url":"https://doi.org/10.1787/206408110285","pdf_url":"https://www.oecd-ilibrary.org/why-has-core-inflation-remained-so-muted-in-the-face-of-the-oil-shock_5l4qb563vrjg.pdf?itemId=%2Fcontent%2Fpaper%2F206408110285&mimeType=pdf","source":{"id":"https://openalex.org/S4210239538","display_name":"OECD Economics Department working papers","issn_l":"1815-1973","issn":["1815-1973"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["cwts-core"],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"OECD Economics Department Working Papers","raw_type":"report"},"sustainable_development_goals":[],"sustainable_development_goals_aurora":[{"id":"https://metadata.un.org/sdg/8","display_name":"Decent work and economic growth","score":0.41999998688697815}],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":true,"pdf":true},"content_urls":{"pdf":"https://content.openalex.org/works/W1589615121.pdf","grobid_xml":"https://content.openalex.org/works/W1589615121.grobid-xml"},"referenced_works_count":51,"referenced_works":["https://openalex.org/W1490570530","https://openalex.org/W1504325885","https://openalex.org/W1510125978","https://openalex.org/W1511916531","https://openalex.org/W1516441028","https://openalex.org/W1529168203","https://openalex.org/W1538613182","https://openalex.org/W1539879705","https://openalex.org/W1540798282","https://openalex.org/W1546218930","https://openalex.org/W1561788772","https://openalex.org/W1565898869","https://openalex.org/W1590669584","https://openalex.org/W1595531570","https://openalex.org/W1966000287","https://openalex.org/W2005025219","https://openalex.org/W2032175972","https://openalex.org/W2042883439","https://openalex.org/W2051074140","https://openalex.org/W2053409600","https://openalex.org/W2064638174","https://openalex.org/W2106221371","https://openalex.org/W2119680052","https://openalex.org/W2127694790","https://openalex.org/W2147171019","https://openalex.org/W2148191366","https://openalex.org/W2150775017","https://openalex.org/W2153195500","https://openalex.org/W2154014142","https://openalex.org/W2155694549","https://openalex.org/W2169966452","https://openalex.org/W2803465121","https://openalex.org/W2890911258","https://openalex.org/W2891203994","https://openalex.org/W3121595883","https://openalex.org/W3121833493","https://openalex.org/W3123038179","https://openalex.org/W3123399396","https://openalex.org/W3123702818","https://openalex.org/W3123878925","https://openalex.org/W3124428204","https://openalex.org/W4230841866","https://openalex.org/W4249635551","https://openalex.org/W4298072731","https://openalex.org/W4386127693","https://openalex.org/W6601657841","https://openalex.org/W6652572448","https://openalex.org/W6681909234","https://openalex.org/W6683325270","https://openalex.org/W6684947696","https://openalex.org/W7018948636"],"related_works":["https://openalex.org/W4406407435","https://openalex.org/W6976521","https://openalex.org/W1565775756","https://openalex.org/W3122003903","https://openalex.org/W2037247600","https://openalex.org/W6889864218","https://openalex.org/W2119556367","https://openalex.org/W3123560038","https://openalex.org/W2051074140","https://openalex.org/W2909584373"],"abstract_inverted_index":{"To":[0],"help":[1],"policymakers":[2],"form":[3],"a":[4,24,129,144],"judgment":[5],"on":[6,23,73],"inflation":[7,90,96,111,141],"risks":[8],"and":[9,40,70,91,131,152],"the":[10,15,32,37,41,55,58,103,117,123,156,159,162],"required":[11],"monetary":[12],"policy":[13],"stance":[14],"OECD":[16,35],"has":[17,146],"developed":[18],"an":[19],"analytical":[20],"framework":[21,51],"based":[22,72],"set":[25],"of":[26,57,77,134,158,161],"'eclectic'":[27],"Phillips":[28],"curves":[29],"estimated":[30],"for":[31],"two":[33],"largest":[34],"economies,":[36],"United":[38],"States":[39],"euro":[42],"area,":[43],"which":[44,139],"is":[45,52],"presented":[46],"in":[47,54,65,75,114,126,155],"this":[48],"paper.":[49],"This":[50],"used":[53],"preparation":[56],"Economic":[59],"Outlook":[60],"to":[61,94,138],"explain":[62],"recent":[63],"developments":[64,74],"core":[66,89,110],"inflation,":[67],"excluding":[68],"food":[69],"energy,":[71],"measures":[76],"economic":[78],"slack":[79,154],"(the":[80],"output":[81],"gap),":[82],"spill-over":[83],"effects":[84,105],"from":[85,106],"energy":[86,107,127],"prices":[87],"onto":[88,109],"lagged":[92],"responses":[93],"past":[95],"via":[97],"expectations":[98],"formation.":[99],"The":[100],"fact":[101],"that":[102],"knock-on":[104],"shocks":[108],"appear":[112],"small":[113],"comparison":[115],"with":[116],"1970s":[118],"can":[119],"be":[120],"explained":[121],"by":[122],"secular":[124],"fall":[125],"intensity,":[128],"low":[130],"stable":[132],"rate":[133],"'mean":[135],"inflation'":[136],"--":[137,151],"observed":[140],"reverts":[142],"after":[143],"shock":[145],"worked":[147],"its":[148],"way":[149],"through":[150],"persistent":[153],"aftermath":[157],"bursting":[160],"dotcom":[163],"bubble.":[164]},"counts_by_year":[{"year":2025,"cited_by_count":2},{"year":2023,"cited_by_count":1},{"year":2022,"cited_by_count":1},{"year":2021,"cited_by_count":3},{"year":2019,"cited_by_count":2},{"year":2018,"cited_by_count":1},{"year":2016,"cited_by_count":3},{"year":2015,"cited_by_count":3},{"year":2014,"cited_by_count":2},{"year":2013,"cited_by_count":2},{"year":2012,"cited_by_count":4}],"updated_date":"2026-10-16T09:59:22.235173","created_date":"2016-06-24T00:00:00"}
