CanEnergySubsidiesHelpSlayInflation?ChristopherErceg,MarcinKolasa,JesperLinde,andAndreaPescatoriWP/24/81IMFWorkingPapersdescriberesearchinprogressbytheauthor(s)andarepublishedtoelicitcommentsandtoencouragedebate.TheviewsexpressedinIMFWorkingPapersarethoseoftheauthor(s)anddonotnecessarilyrepresenttheviewsoftheIMF,itsExecutiveBoard,orIMFmanagement.2024APR©2024InternationalMonetaryFundWP/24/81IMFWorkingPaperMonetaryandCapitalMarketsDepartmentResearchDepartmentCanEnergySubsidiesHelpSlayInflation?ChristopherErceg,MarcinKolasa,JesperLinde,AndreaPescatori1AuthorizedfordistributionbyChristopherErcegApril2024IMFWorkingPapersdescriberesearchinprogressbytheauthor(s)andarepublishedtoelicitcommentsandtoencouragedebate.TheviewsexpressedinIMFWorkingPapersarethoseoftheauthor(s)anddonotnecessarilyrepresenttheviewsoftheIMF,itsExecutiveBoard,orIMFmanagement.ABSTRACT:Manycountrieshaveusedenergysubsidiestocushiontheeffectsofhighenergypricesonhouseholdsandfirms.AfterdocumentingthetransmissionofoilsupplyshocksempiricallyintheUnitedStatesandtheEuroArea,weuseaNewKeynesianmodelingframeworktostudytheconditionsunderwhichthesepoliciescancurbinflation.Wefirstconsideraclosedeconomymodeltoshowthataconsumersubsidymaybecounterproductive,especiallyasaninflation-fightingtool,whenappliedgloballyorinasegmentedmarket,atleastunderempiricallyplausi...
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