John Müller: An Erte to the IPC

John Müller: An Erte to the IPC



John MuellerFOLLOW, CONTINUEMadrid Updated: 04/14/2022 00:35h
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Macroeconomic analysts are not good at integrating energy price developments into their models. Many consider that it is an extremely volatile market, subject to many variables, where geostrategy and politics roam freely and destroy even the best predictions. The term that is commonly used to discharge responsibilities is “geopolitical risk”. For this reason, one of the factors that spreads the most uncertainty over the macroeconomic forecasts for the coming months is the behavior of the energy market.

In fact, there is no report on the Spanish economy published since the summer of 2020 that considers the rise in energy prices as a possible destabilizing or inflationary factor.

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