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EUROPEANCENTRALBANK
EUROSYSTEM
WorkingPaperSeries
AlinaBobasu,MichaelDobrew,AmaliaRepeleEnergypriceshocks,monetarypolicyandinequality
No2967
Disclaimer:ThispapershouldnotbereportedasrepresentingtheviewsoftheEuropeanCentralBank(ECB).TheviewsexpressedarethoseoftheauthorsanddonotnecessarilyreflectthoseoftheECB.
ECBWorkingPaperSeriesNo29671
Abstract
Westudyhowmonetarypolicyshapestheaggregateanddistributionaleffectsof
anenergypriceshock.Basedontheobservedheterogeneityinconsumptionexpo-surestoenergyandhouseholdwealth,webuildaquantitativesmallopen-economyHANKmodelthatmatchessalientfeaturesoftheEuroAreadata.Ourmodelin-corporatesenergyasbothaconsumptiongoodforhouseholdswithnon-homotheticpreferencesaswellasafactorinputintoproductionwithinputcomplementarities.
Independentlyofpolicyenergypriceshocksalwaysreduceaggregateconsumption.Householdswithlittlewealtharemoreadverselyaffectedthroughbothadeclineinlaborincomeaswellasnegativedirectpriceeffects.Activepolicyresponsesraisingratesinresponsetoinflationamplifiesaggregateoutcomesthroughareductioninaggregatedemand,butspeedsuptherecoverybyenablinghouseholdstorebuildwealththroughhigherreturnsonsavings.However,low-wealthhouseholdsarefur-theradverselyaffectedastheyhavelittlesavingstorebuildwealthfromandinsteadlooseduetofurtherdeclininglaborincome.
Keywords:energyprices,openeconomymodel,heterogeneousagents,monetarypolicy,non-homotheticpreferences.
JEL-Classification:E52,F41,Q43.
ECBWorkingPaperSeriesNo29672
Non-technicalsummary
Inthispaperweinvestigatetheaggregateanddistributionaleffectsofenergypriceshocksandhowtheyareshapedbymonetarypolicy.Basedontheobservedheterogeneityinhouseholdconsumptionexposurestoenergyandwealthpositions,webuildasmallopeneconomyhet-erogeneousagentNewKeynesian(HANK)modelcalibratedtoEuroAreadata.Ourmodelincorporatesenergyasbothaconsumptiongoodforhouseholdswithnon-homotheticprefer-encesaswellasafactorinputintoproductionwithinputcomplementarities.Allenergyusedinthedomesticeconomyhastobeimported.Wecontrast“passive”monetarypolicyresponsesthatkeeptherealinterestrate(nearly)constantwith“active”policyresponsesthatreacttoinflationbystronglyraisingtherealrate.
Ourmainfindingscanbesummarisedasfollows.First,energypriceincreasesadverselyaffectthedomesticeconomyregardlessofthemonetarypolicyresponse.Asallenergyhastobeimported,risingenergypriceseffectivelyconstituteatransferofwealthfromthedomestictotheforeigneconomy.Incontrasttoapassivepolicyresponse,anactivepolicyreactionraisingtherealratetofightinflationimpliesafourtimeslargerdeclineinaggregateconsumption.
Second,weshowthatthedriversoftheaggregateconsumptionresponsediffersubstantiallybetweenactiveandpassivemonetarypolicyresponses.Wedecomposetheaggregateconsump-tionresponseintothreecomponents,adirecteffectstemmingfromchangesintherealinterestrate,anindirecteffectresultingfromchangesinreallaborincome,andarelativepriceeffect.Underapassivepolicyresponse,four-fifthsoftheconsumptiondeclineisattributedtoindirectincomeeffects,whiletherestisdrivenbytherelativepriceeffect.Instarkcontrast,underanactivepolicyresponsethree-fourthsofthedeclineinconsumptionisexplainedbythedirectrealrateeffectandthereforedirectlyrelatedtomonetarypolicy.
Third,low-wealthhouseholdsaregenerallyaffectedthemostbyanenergypriceincrease.Absentanypolicyresponsethedeclineinconsumptionisthreetimeslargerforlow-relativetohigh-wealthhouseholds.Anactivepolicyresponseamplifiestheconsumptiondeclineforallhouseholds.Althoughtherelativedeclineislargerforwealthierhouseholds,theunderlyingdriversdifferstarkly.Low-wealthhouseholdshavetoreduceconsumptionbecauseofthefurtherdeclineinlaborincomeduetofallingeconomicactivity.Incontrast,high-wealthhouseholdschoosetoreducetheirconsumptionbecauseahigherrealrateincentivizesthemtosavemore.
ECBWorkingPaperSeriesNo29673
1Introduction
Energypriceshavereachedhistoricalheights,startingtheirriseinmid-2021aftermosteconomiesreopenedfromCOVID-19lockdownsandbeingcatalysedearly2022bytheRussianinvasionofUkraine.Figure
1
(leftpanel)showsthatrealenergypricesintheEuroAreahaverisenby60percentfromtheirlowsin2020andby30percentcomparedtotheiraverageoverthepast20years.Atthesametime,thetermsoftradedeterioratedwithnegativeimplicationsfordomesticpurchasingpower.DespitetheEuroAreabeinganenergyimporterfacinganexogenousshock,monetarypolicyreactedtotheenergypricesurgebyraisingratesatunprecedentedspeed.Theriseinenergypricesandsubsequentpolicyresponsenaturallyhaveheterogeneouseffectsonhouseholds,withlesswealthyhouseholdslikelybeingaffectedthemost.First,thesehouseholdsaremoreexposedtoenergypricesthroughtheirconsumptionbasketastheyspendalargerfractionoftheirincomeonenergy-relatedgoods(middlepanel).Second,theirlimitedsavingsmakesitdifficultforthemtosmooththeirconsumptioninresponsetotemporarypriceincreases(rightpanel)
.1
Third,low-wealthhouseholdsalmostsolelyrelyonlaborincomeanddonotbenefitfromhigherreturnsonsavings.
Figure1:Energyprices,termsoftrade,households’consumptionexposuresandsavingsacrosstheincomedistribution
permilleofconsumption
50
40
30
20
10
0
Energypricesandthetermsoftrade
130
120
110
100
90
2008
2010
2012
2014
2016
2018
2020
2022
2024
RealenergypricesTermsoftrade(rhs)
102
101
100
99
98
Exposuretoenergyexpenditure
IIIIIIIVV
Incomequantiles
40
percentofdisposableincome
30
20
10
0
Savings
IIIIIIIVV
Incomequantiles
Note:The“realenergyprice”indicatestheratiobetweentheenergycomponentoftheHICPandtheoverallHICPindex.ThetermsoftradeareproxiedbytheratiobetweentheGDPdeflatorandtheprivate
consumptiondeflator.Chartsinthemiddleandrightarebasedondistributionalstatisticsfromthe“Householdbudgetsurvey“andtheexperimental“Income,consumption,andwealth”datasetsprovidedbyEurostat.
Basedontheobservedheterogeneityinhouseholdconsumptionandwealth,webuildasmall
1Formoredetailsonsmalleradjustmentmarginsforlow-incomehouseholdsgiventheirconsumptionbasketandsavingspositions,seealso
HobijnandLagakos
(2005),
Bobasuetal.
(2023)and
BilsandAguiar
(2010)
.
ECBWorkingPaperSeriesNo29674
openeconomyheterogeneousagentNewKeynesian(HANK)modeltoanalysetheaggregateanddistributionaleffectsofenergypriceincreasesandhowtheseeffectsareshapedbymonetarypolicy.Weshowfirst,thatanenergypriceshockisalwaysrecessionaryinanopeneconomythatimportsallenergybecauseitconstitutesawealthtransferfromthedomestictotheforeigneconomy.Second,theinitialadverseaggregateeffectsaresmallerwhenmonetarypolicyremains“passive”,i.e.keepstherealrateconstant.“Active”monetarypolicyreactingtoinflationbyraisingtherealrateexacerbatestheinitialnegativeeffects,yetimpliesafasterrecovery.Bydecomposingtheaggregateconsumptionresponseweshowthatunderapassivepolicythenegativeeffectsofenergypriceshocksmainlyarisethroughnegativerealincomeeffects.Incontrast,underanactivepolicyconsumptiondeclinespredominantlyduetoarisingrealrateinsteadoftheshockitself.Third,low-wealthhouseholdsareaffectedthemostbyanenergypriceshock.Activepolicyexacerbatesnegativeeffectsforlow-wealthhouseholdsthroughafurtherdeclineinlaborincome,butbenefitshigh-wealthhouseholdsthroughhigherreturnsonsavings.
Inoursmallopeneconomymodelenergyfeaturesasbothaconsumptiongoodandafactorinputtoproduction.Allenergyusedinthedomesticeconomyhastobeimported.Householdshavenon-homotheticpreferencesoverenergyandnon-energygoodsmodelledasaStone-Gearyutilityfunction.Theyfaceidiosyncraticincomeriskthattheycanonlyimperfectlyinsureagainstduetoanoccasionallybindingborrowingconstraint.Firmsproducedomesticgoodsutilizinglaborandenergyasinputs,withlimitedsubstitutabilitybetweenthem.Whilepricesareflexibleweintroducestickywagesthroughlaborunions.WemodelmonetarypolicyasaTaylorrule,whichcanreacteithertocontemporaneousinflationmeasuresortheirforecasts.Thesemeasuresincludeheadlineinflation,definedasthechangeinaggregateprices,coreinflation,definedasthechangeindomesticgoodsprices,andenergypriceinflation.Wecontrasttheseruleswithabaselinepolicythatremainspassivebykeepingtherealrateconstant.
WecalibrateourmodeltodatafromtheEuroAreainordertoquantifytheaggregateanddistributionaleffectsofanenergypriceshock.Wetakeparticularcareinmatchingthehetero-geneityobservedinhouseholdconsumptionbaskets.InparticularweuseEurostat’s“Householdbudgetsurvey(HBS)”and“Income,wealthandconsumptionstatistics”(ICWS)tomatchanaveragehouseholdexpenditureonenergyofaround9percentandmatchthedegreeofnon-homotheticitytotargethigherenergyexpendituresofthelowestincomequintileofaround13percent.Additionally,wetargetanaverageaggregatemarginalpropensitytoconsumeofaround0.3deliveringsubstantialincomeandwealthheterogeneityinourmodel.Onthefirm
ECBWorkingPaperSeriesNo29675
side,wecalibratethedegreeofcomplementaritybetweenfactorinputstorecentestimatesin
Bachmannetal.
(2022)andadditionallytakeintoaccountinformationbasedoninput-output
tablesindicatingthattheenergyuseinproductionisnearlydoublethatofconsumption.
Westartbyillustratingtheimportanceofnon-homotheticpreferencesandinputcomplemen-taritiesfortheaggregateandindividualconsumptionandincomeresponsetoanenergypriceshockunderourbaselinepassivepolicy.Non-homotheticityimposesaconstraintonlow-wealthhouseholds,whileelasticitiesofsubstitutioninconsumptionandproductiongoverntheabilityofhouseholdsandfirmstorespondtotheshockinrelativeprices.Weshowthatlesswealthyhouseholdssufferalargerconsumptionexpenditureshockcomparedtowealthyhouseholds,therebyfurtherraisingtheiralreadyelevatedmarginalpropensitytoconsume(MPC).Whentheelasticityofsubstitutionacrossconsumptiongoodsislarge,theenergypriceshockislesssevereforallhouseholdsastheyareabletosubstituteawayfrommoreexpensiveenergygoodstowardscheaperdomesticgoods.Similarly,ahighelasticityofsubstitutionintheproductionfunctionallowsfirmstodecreasetheirdemandforenergyandthereforemitigatesthedeclineinlabordemand,predominantlybenefitinglow-wealthhouseholds.
Turningtotheaggregateeffectsofanenergypriceshockweshowthestrongdependenceonthemonetarypolicyresponse.Wecontrastabaselineinwhichmonetarypolicykeepstherealrateconstant,i.e.isfullypassive,topolicyruleswhichreacteithertocontemporaneousorforecastmeasuresofinflation.Inouropeneconomymodel,whereallenergyisimported,anenergypriceshockisalwaysrecessionaryregardlessofthepolicyresponse,asthebenefitsfromhigherenergypricessolelyaccruetotheforeigneconomy.Incontrasttothepassivebaseline,apolicyrespondingtoeithercontemporaneousheadlineorcoreinflationraisesrealinterestrates.Higherrealratesinturninduceastrongdeclineinconsumptionandoutputthatisfourtimesbiggerthanunderthebaseline.Rulesrespondingtoeitherforecastmeasuresofheadlineorcoreinflationinsteadeffectively“lookthrough”theinitialenergypriceincrease.Realratesriseverylittleunderthese“passive”responses,therebyalleviatingmostofthenegativeeffectsonaggregatedemand.Inturn,thedeclineinbothconsumptionandlaborincomeislesspronouncedcomparedtothebaselinerulewithotherwiseverysimilarimplications.Respondingtoenergyinflationhasremarkablydifferentimplications.Undersuchapolicy,theincreaseintherealrateisthehighestwithaninitialcompletesuppressionofenergyandthereforeheadlineinflation.However,thiscomesatthecostofastrongrecessionthatisinitiallysignificantlylargerthanunderaheadlinerule.Additionally,completelycontaininginflationintheshorttermcomes
ECBWorkingPaperSeriesNo29676
atthecostofhigherinflationinthemedium-term,whenaspeedyrecoveryofdomesticgoodsdemandtogetherwithrisingforeigndemandultimatelyraisescoreandheadlineinflation.
Byanalyzingthedriversoftheaggregateconsumptionresponseweshowthatthenegativeeffectsofanenergypriceshockstemfromindirectnegativerealincomeeffectsbutarestronglyexacerbatedunderanactivepolicyresponsethroughdirectrealrateeffects.Wedecomposetheconsumptionresponseintoadirecteffectarisingfromchangesintherealinterestrate,anindirecteffectarisingfromchangesinlaborincomeandarelativepriceeffect.Thelattercapturesadeclineinconsumptionarisingfromtheenergypriceshock,causinghigherexpendituresonsubsistenceconsumptiontherebyleavingasmallershareofincomeforconsumptionbeyondthesubsistencelevel.Underafixedrealrate,four-fifthsandthereforethemajorityoftheconsumptiondeclineisduetoindirectincomeeffectswhereasonefourthisdrivenbytherelativepriceeffect.Sincemonetarypolicyispassive,therearenodirectrealrateeffects.Thisimpliesthattheadverseeffectsofanenergypriceshockworkpredominantlythroughareductioninrealincomewithanadditionalmarginforrisingcostsoftheconsumptionbasket.Instarkcontrast,underanactivepolicyresponse,three-fourthsofthedeclineinconsumptionisaccountedforbythedirecteffectandthereforedirectlyrelatedtotheriseintherealrate.Forecastrulesthataresufficientlypassivetriggeronlyasmallincreaseinrealrateswhichpositivelycontributestoaggregateconsumptionbyprovidinghigherreturnsonsavingswithoutadverseeffectsonaggregatedemandandthereforelaborincome.
Finally,weshowthatlow-wealthhouseholdsaregenerallyaffectedthemostbyanenergypriceshock.Absentanypolicyresponsethedeclineintheirconsumptionisthreetimeslargerrelativetohigh-wealthhouseholds.Anactivepolicyresponseamplifiestheconsumptionde-clineforallhouseholds.Althoughthisdeclineislargerforwealthierhouseholds,thedriveroftheunderlyingconsumptionstarklydifferbetweenlow-andhigh-wealthhouseholds.Low-wealthhouseholdshavetoreduceconsumptionbecauseofthestrongdeclineinlaborincome.Incontrast,wealthyhouseholdsoptimallychoosetoreducetheirconsumptionbecausehigherrealratesincentivizethemtosavemore.Forthesehouseholdspriceeffectsareimmaterialandlaborincomeeffectsarealotsmallerthanforlow-wealthhouseholds.Apassivepolicyresponseinsteaddoesnotinducea(strong)responseofrealratesandtherebydoesnotcauseastrongconsumptiondeclineforwealthyhouseholdsastheenergyshockitselfdoesnotsubstantiallyaf-fectthem.However,low-wealthhouseholdssubstantiallybenefitfromapassivepolicyresponsebecauseofthestronglymitigatedadverseeffectsonlaborincomeassociatedwithsuchapolicy.
ECBWorkingPaperSeriesNo29677
RelatedliteratureWerelatetothreemainstrandsoftheliteratureinvestigatingtheaggre-gateanddistributionaleffectsofenergyshocksinopeneconomymodels,includingtheimplica-tionsandpropagationmechanismsunderdifferentmonetarypolicyconducts.Thecoreanalysisbuildsonanestablishedbodyofliteraturewhichfocusesonthetransmissionofoilpriceshocks
inopen-economyrepresentative-agentmodels(Mendoza,
1995;
Kose,
2002
andmorerecently
BaqaeeandFarhi,
2019)includingtheappropriatemonetarypolicyresponse(Bodensteinetal.,
2011;
Natal,
2012)
.
BlanchardandGali
(2007)studythepropagationofoilpricesinanopen
economyrepresentativeagentmodel,byincludingoilintheproductionfunctioninordertoaccountfortheroleofintermediateproductionfactors.
Bernankeetal.
(1997)conductcounter
-factualmonetarypolicysimulationsandconcludethatmonetarypolicysignificantlyinfluencesthetransmissionofoilpriceshocksintheeconomy.
Bodensteinetal.
(2011)useaNewKeyne
-sianmodelwithoilinconsumptionandproductiontoexaminetheeffectsofdifferentmonetarypoliciesinresponsetoenergyshocks,bydistinguishingbetweencoreandheadlineinflation.Theauthorsfindanoptimalresponsetoanadverseenergysupplyshockinvolvesapersistentriseincoreandheadlineinflation.
Bodensteinetal.
(2013)usingthesamemodelfindthattheeffects
ofoilshocksonaggregatedemandarerathercushionedwhenmonetarypolicyisconstrainedbythezerolowerboundcomparedtonormaltimeswhenmonetarypolicyisunconstrained.
Natal
(2012)inanoptimalpolicydesignarguesthatpolicieswhichperfectlystabilizeprices
entailsignificantwelfarecosts.Weaddtothisliteraturebystudyingenergypriceshocksinasimilaropeneconomysettingbutwithafocusonhouseholdheterogeneitywhichallowsustoalsostudydistributionaleffectsofenergypriceshocksandhowtheyrelatetodifferentmonetarypolicyresponses.Morerecently,
GagliardoneandGertler
(2023)haveestimatedaNewKeyne
-sianmodelincorporatingoilandshowingthatstudyingoilpriceshocksandmonetarypolicycombinedprovidesagooddescriptionoftherecentaggregatedata.Whileallthesepapersfocusonaggregateoutcomes,
DelCantoetal.
(2023)notablydevelopanempiricalframeworktoan
-alyzetheimpactofinflationaryshocksthroughoutthedistribution,separatelystudyingenergyandmonetarypolicyshocks.Ourpapercanbeunderstoodasastructuralcounterparttotheirempiricalapproach,withafocusonhowtheeffectsofenergyshocksareshapedbymonetarypolicy.Despitethedifferencesinapproaches,wesimilarlyconcludethatenergypriceshocksaregenerallyregressiveandthatthemonetarypolicyresponsecanhaveasubstantialimpactinshapingtheseeffects.
Wealsorelatetoagrowingliteratureanalyzingthedomesticeffectsofshocksemergingin
ECBWorkingPaperSeriesNo29678
foreigneconomiesinthecontextofopen-economyheterogeneousagent(HA)models.
deFerra
etal.
(2020)quantifytheaggregateanddistributionaleffectsofcapitalflowreversalsinHungary,
whereagentsholddifferentamountsofforeigncurrencydebt.
Guoetal.
(2020)studythe
distributionaleffectsofinternationalshockswhenagentsdifferbytheirsectorofworkandtheirfinancialintegration,findingthatthesesourcesofheterogeneitycanplayamajorroleandcreatetrade-offsintheconductofmonetarypolicy.Otherrecentpapersstudyingtheredistributiveeffectsofexternalshocksinclude
Zhou
(2020),
Oskolkov
(2022)and
Otten
(2021)
.
Cugat
(2019)
introduceshouseholdheterogeneityinanopen-economyNewKeynesianmodelandstudyitsroleinthetransmissionofforeignshocks.
Auclertetal.
(2019)studymonetarytransmissionin
anopen-economyHANK,providinggeneralconditionsunderwhichhouseholds’heterogeneitymattersemphasizingthepresenceofastrongreal-incomechannelthatcanleadtocontractionarydevaluations.
Guntinetal.
(2020)showhowintroducinghouseholdheterogeneitycaninform
macroeconomictheoriesofaggregateconsumptionadjustmenttosuddenstops.Wecontributetothisliteraturebyexplicitlystudyingenergypriceshocksandtheiraggregateanddistributionalconsequencesaddingmonetarypolicyasasourceimpactingforeignshocks.
Third,wecontributetoanemergingliteraturestudyingenergyshocksinmacroeconomicmodelswithatleastsomedegreeofhouseholdheterogeneity.
Chanetal.
(2022)focusonthe
productionsidehighlightingthedemandspilloversarisingfrominputcomplementarityinatwo-agentNewKeynesianmodel.Theyshowthatahighercomplementarityleadstoastrongerdeclineinlabordemandhurtingconstrainedhouseholdsmoreandadditionallystudyoptimalpolicyinthissettingwithlimitedheterogeneity.Whilealsomodellinginputcomplementary,weinsteademphasizethedemandsideheterogeneityinbothconsumptionandincomeinafully-fledgedHANKmodelandcomparehowdifferentmonetarypolicyrulesbenefitorhurtdifferenthouseholdsalongtheincomedistribution.
Gornemannetal.
(2023)usingasimilar
twoagentmodelstudyhowsupplyshortagescanleadtoself-fulfillingfluctuationsandanalyzehowmonetarypolicycanremovedeterminacyrisks.Inarecentpaper,
Olivietal.
(2023)study
howmonetarypolicyshouldreacttoaggregateandsectoraldisruptionsinamulti-sectorNewKeynesianmodel.Theyfocusonananalyticalderivationoftwowedgesrelatedtoheteroge-neousconsumptionexpenditureswhenhouseholdshavenon-homotheticpreferencesandshowthatappliedtoUKdatathesewedgesarequantitativelyimportant.Wedifferfromtheirpa-perbyexplicitlymodellingenergyandconsideringshockstoenergypricesinsteadofaggregateproductivity.Asweshow,energypriceshockshaveconsiderablydifferentaggregateanddistri-
ECBWorkingPaperSeriesNo29679
butionalimplicationscomparedtoothersupplyshocks.Additionally,theirfocusontractableheterogeneityprecludesthemtofullystudydistributionaleffectsaswedoinourmodel.
Au-
dzeiandSut´oris
(2023)similarlyuseatractableheterogeneousagentmodel,albeitstudyingthe
incentivestoinvestinenergyabatementcapitalinresponsetoanenergypriceshock.Perhapstheclosestpaperstooursare
Auclertetal.
(2023)and
Pieroni
(2023)
.
Pieroni
(2023)builds
aclosedeconomyHANKmodeltostudyhowashocktoenergysupplyaffectsmacroeconomicoutcomes.Weinsteademployanopeneconomymodelandinnovatebyexplicitlystudyingdif-ferentmonetarypolicyrulesandhowtheyaffectbothaggregateanddistributionaloutcomes,alsostudyingthedriversofindividualconsumptionresponsesandhowtheydifferacrossthewealthdistribution.
Auclertetal.
(2023)similarlybuildanopeneconomyHANKmodelwith
differencesinthemodelsetup,e.g.abstractingfrominputcomplementaritiesinproduction.Theystudyhowtheinteractionoffiscalpolicyandmonetarypolicyspecifiedasanexogenousratepathcanmitigateenergypriceshocksalbeitsolelyfocusingonaggregateeffects.WeinsteadexplicitlystudydistributionaloutcomesandspecifymonetarypolicythroughamorecommonlyusedTaylorrulethatendogenouslyreactstoeithercontemporaneousorforecastmeasuresofinflation.
Theremainderofthepaperisorganisedasfollows.InSection
2
wepresentourtheoreticalmodelandinSection
3
wedescribethecalibrationandsteadystateofthemodel.Section
4
focusesontheimplicationsofanenergypriceshockinthecontextofdifferentmonetarypolicyframeworks,highlightingtheroleoftheelasticitiesofsubstitutioninconsumptionandproduction.Thesectionalsoexaminestheaggregateanddistributionaleffectsunderbothabaselinekeepingtherealratefixedandvariousactivepolicyrules.Finally,section
5
concludes.
2Model
InthissectionweintroduceasmallopeneconomyNewKeynesianmodelwithheterogeneoushouseholds.Energyfeaturesasbothaconsumptiongoodaswellasafactorinputtoproduction.Householdshavenon-homotheticpreferencesovernon-energyandenergygoodswithlesswealthyhouseholdsspendingalargershareoftheirincomeonenergy.Productionofnon-energygoodsrequireslaborandenergyasinputswhichcannotbeeasilysubstituted.Alaborunionflexiblysupplieslabortofirmschargingawageratethattheycanonlyinfrequentlychange,whereasgoodspricesareperfectlyflexible.Allenergyhastobeimportedfromabroadandwemodelan
ECBWorkingPaperSeriesNo296710
energycrisisasanexogenousshocktotheforeignpriceofenergy.
2.1Households
EnvironmentTheeconomyispopulatedbyacontinuumofhouseholdsofmeasureone.Householdsareinfinitely-livedandtimeisdiscrete.Thedomesticeconomyispartofacontin-uumofforeigncountriesdistributedovertheunitinterval,eachpopulatedbyarepresentativeforeignagen
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