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The Impact of Permanent Energy Price Shocks on the UK Economy
Social Science Research Network
This paper outlines the properties of one of the models used at the Bank of England for analysing the impact of energy prices on the UK economy. We build a dynamic general equilibrium model that includes a variety of channels through which energy prices affect demand and supply. On the demand side we model household consumption of final energy goods (petrol and utilities) separately from other goods and services. On the supply side, we model the production of final energy goods and the way thatdoi:10.2139/ssrn.1898066 fatcat:2jj7z5autzdzrls5b6pwi5mi5a