Marques

Gas price shocks and euro area inflation

Retrieved on: 
Tuesday, February 13, 2024
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We document

Key Points: 
    • We document
      how gas price fluctuations have a heterogeneous pass-through to euro area prices
      depending on the underlying shock driving them.
    • How do gas price shocks feed through to euro area
      inflation, and is the pass-through shock-dependent?
    • We analyse the importance of gas price shocks
      for euro area inflation in two steps.
    • We identify three structural shocks driving European gas prices,
      inspired by the literature on oil but tailored to the European gas market: (i) a gas supply
      shock, which reduces the supply of natural gas to the European market, increases the
      gas price and lowers gas inventories; (ii) an economic activity shock, which lifts demand
      for gas due to higher economic production, and finally (iii) a shock to gas inventories,
      when gas prices are driven by precautionary demand by gas companies.
    • First, all three identified shocks are
      important drivers of gas price dynamics, but they differ in how persistently they push

      ECB Working Paper Series No 2905

      2

      up gas prices.

    • The effect on euro area HICP of a shock to gas supply is more
      persistent and somewhat higher than when gas prices are driven by economic activity
      shocks.
    • A final key finding is that the pass-through of gas market shocks to euro area inflation
      appears non-linear.
    • The unprecedented volatility of gas prices
      contributed to the inflation problem in the euro area, with the gas price shocks feeding
      through producer prices, wages and persistently lifting core inflation.
    • More expensive
      energy contributed substantially to the rise in inflation in Europe during 2022.2

      Figure 1: Gas price and euro area Harmonized Index of Consumer Prices.

    • How do gas price shocks feed through to euro area
      inflation, and is the pass-through shock-dependent?
    • For instance, about 75% of gas imports to the euro area arrives
      through pipelines, making gas imports difficult to substitute and gas markets subject to
      3

      See for example the evidence by Rubaszek and Uddin (2020) for the US economy.

    • We analyse the importance of gas price shocks for
      euro area inflation in two steps.
    • We identify three structural shocks driving European gas prices,
      inspired by the literature on oil but tailored to the European gas market: (i) a gas supply
      shock, which reduces the supply of natural gas to the European market, increases the
      gas price and lowers gas inventories; (ii) an economic activity shock, which lifts demand
      for gas due to higher economic production, and finally (iii) a shock to gas inventories,
      when gas prices are driven by precautionary demand by gas companies.
    • First, all three identified shocks are
      important drivers of gas price dynamics, but they differ in how persistently they push
      up gas prices.
    • But when gas prices are driven by
      inventory demand shocks, the price effect typically dies out within one quarter.
    • A final key finding is that the pass-through of gas market shocks to euro area inflation appears non-linear.
    • The unprecedented volatility of gas prices
      contributed to the inflation problem in the euro area, with the gas price shocks feeding
      through producer prices, wages and persistently lifting core inflation.
    • (2022) and Alessandri and Gazzani (2023) identify gas supply shocks using VAR models,
      finding that gas price shocks lead to persistent increases in headline inflation.14 Ba?bura
      et al.
    • (2023) find positive effects of gas price shocks on core inflation in a BVAR for
      the euro area that includes one type of gas shock along a longer list of macroeconomic
      shocks.
    • 3.1

      Data

      For the gas market BVAR model, we use gas quantities, gas prices, gas inventories and
      euro area industrial production, as displayed in Figure 2.

    • (2015) to optimize

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      13

      the posterior distribution.16 The vector Y includes the European gas quantity proxy, gas
      inventories, the European gas price benchmark and euro area industrial production.

    • As demand for gas increases, the gas price also rises
      while inventories fall as agents use gas in storage to partially satisfy higher demand.
    • Shocks to gas
      quantities driven by gas supply or inventory shocks tend to revert to pre-shock levels after
      around five to seven months, while economic activity shocks lead to a more long-lived
      increase in gas demand.19 Dynamics in gas inventories are more similar across shocks.
    • 3.4

      Historical events in the European gas market

      Before analysing the transmission of the different types of gas shocks to euro area prices,
      we show how the model interprets the unprecedented gas price rise in 2022 in terms of
      driving factors, and compare it with previous historical episodes of heightened gas price
      volatility as a way of validating the model.

    • Inventory shocks play a
      slightly smaller role, accounting for 17% of gas quantity and 23% of gas price fluctuations
      while the residual component (i.e.
    • 4

      Pass-through of gas price shocks to consumer prices

      The pass-through of gas price shocks to inflation is likely to be multi-faceted.

    • We first consider four outcome variables y: the European gas price, euro area HICP,
      core HICP and energy HICP.
    • Third, depending on the driving factor, gas price increases can pass through to core
      inflation in the euro area.
    • The results underline that gas price shocks can have important implications for inflation in the euro area ? depending on the driving factor of higher gas prices.
    • Casoli, C., Manera, M., and Valenti, D. ?Energy shocks in the euro area: disentangling
      the pass-through from oil and gas prices to inflation?.

Planet Classroom's Net Zero Series Unveils Urgent Call for Corporate Transformation in Latest Episode

Retrieved on: 
Friday, February 2, 2024

NEW YORK, Feb. 2, 2024 /PRNewswire-PRWeb/ -- In the newest groundbreaking episode of Planet Classroom's Net Zero Series, the Founder of Ambiafro, Carlos Eduardo Marques, delivers a compelling message, urging global corporations to undertake transformative measures for the widespread adoption of net zero practices. The new episode is hosted by the Protect Our Planet Movement's Alejandra Fragoso and titled Net Zero Speaks with Carlos Eduardo Marques. The interview unveils Marques' pivotal role in shaping Brazil's net zero drive and also emphasizes the imperative need for companies to align their processes, equipment, and culture with net zero objectives.

Key Points: 
  • NEW YORK, Feb. 2, 2024 /PRNewswire-PRWeb/ -- In the newest groundbreaking episode of Planet Classroom's Net Zero Series, the Founder of Ambiafro, Carlos Eduardo Marques, delivers a compelling message, urging global corporations to undertake transformative measures for the widespread adoption of net zero practices.
  • The new episode is hosted by the Protect Our Planet Movement's Alejandra Fragoso and titled Net Zero Speaks with Carlos Eduardo Marques.
  • The interview unveils Marques' pivotal role in shaping Brazil's net zero drive and also emphasizes the imperative need for companies to align their processes, equipment, and culture with net zero objectives.
  • Net Zero Series Continues to Lead:
    Planet Classroom and the Protect Our Planet Movement's Net Zero Series continues to be at the forefront of raising sustainability awareness and global education, bringing together experts and activists who drive positive change on a global scale.

FULL BEV SUPER COUPE HEADS KARMA AUTOMOTIVE'S NEW VEHICLE PORTFOLIO

Retrieved on: 
Monday, November 13, 2023

IRVINE, Calif., Nov. 13, 2023 /PRNewswire/ -- Karma Automotive revealed its new ultra-luxury vehicle lineup at the Nov. 10-12 Wynn Concours in Las Vegas. The revamped portfolio from the Southern California electric vehicle and technology company is headlined by the Kaveya, a full battery electric (BEV) super coupe that will be available in two versions projected to go 0-60 mph in under three seconds.

Key Points: 
  • IRVINE, Calif., Nov. 13, 2023 /PRNewswire/ -- Karma Automotive revealed its new ultra-luxury vehicle lineup at the Nov. 10-12 Wynn Concours in Las Vegas.
  • The revamped portfolio from the Southern California electric vehicle and technology company is headlined by the Kaveya, a full battery electric (BEV) super coupe that will be available in two versions projected to go 0-60 mph in under three seconds.
  • I'm intent on fulfilling Karma's true potential," says Karma President Marques McCammon, who joined the automaker in March.
  • We are reintroducing the Karma brand and a vehicle lineup that is designed to age gracefully.

Lime Rock Park Historic Festival Honors Chrysler Brand

Retrieved on: 
Tuesday, August 29, 2023

Chrysler brand to serve as an honored marque at Lime Rock Park Historic Festival, set for Aug. 31 – Sept. 4 at Lime Rock Park in Lakeville, Connecticut

Key Points: 
  • Chrysler brand to serve as an honored marque at Lime Rock Park Historic Festival, set for Aug. 31 – Sept. 4 at Lime Rock Park in Lakeville, Connecticut
    Additional Chrysler show vehicles featured at event will include a 1941 Chrysler Newport, 1953 Chrysler D'Elegance, 1955 Chrysler 300, 1957 Chrysler Diablo, 1963 Chrysler Turbine car, 2005 Chrysler Firepower concept and more
    For more information on Lime Rock Park Historic Festival, visit limerock.com/events/historic-festival-41/
    For more information on the Chrysler brand, visit Chrysler.com
    The Lime Rock Park Historic Festival is spotlighting the Chrysler brand as an honored marque at the 41st edition of the prestigious event, scheduled for Aug 31.
  • Chrysler vehicles featured at the Lime Rock Park Historic Festival will include the new 2023 Chrysler 300C .
  • Additional Chrysler show vehicles featured include a 1941 Chrysler Newport, 1953 Chrysler D'Elegance, 1957 Chrysler Diablo, 1963 Chrysler Turbine car, 1995 Chrysler Atlantic concept, 2005 Chrysler Firepower concept and more.
  • The 41st running of the Lime Rock Historic Festival will include three days of historic racing, a 20-mile competition car parade through the picturesque hills and Sunday in the Park, which combines the Lime Rock Concours with the Gathering of the Marques.

Global Ministers & Ambassador Forum Held in Macau, Multinational Guests Talked About the Exchange and Integration of World Film Culture

Retrieved on: 
Tuesday, May 2, 2023

The eight guests expressed their views on the topic of "Cultural Exchange and Integration of the World Film Industry In the Context of Globalization".

Key Points: 
  • The eight guests expressed their views on the topic of "Cultural Exchange and Integration of the World Film Industry In the Context of Globalization".
  • View the full release here: https://www.businesswire.com/news/home/20230502006039/en/
    World Film Industry Conference (Photo: Business Wire)
    Film has become a cultural link to the world.
  • This forum aims to provide a high-end dialogue platform for embassies, consulates and film institutions in China to discuss cooperation and create more favorable conditions for promoting global film culture exchange.
  • The Global Ministers & Ambassadors Forum enhanced the exchange of film culture between countries and became one of the highlights of the 1st World Film Industry Conference.

Marques McCammon Appointed President of Karma Automotive

Retrieved on: 
Monday, April 24, 2023

IRVINE, Calif., April 24, 2023 /PRNewswire/ -- Karma Automotive, the Southern California-based manufacturer of ultra-luxury electric vehicles, has named long-time automotive executive Marques McCammon as President. McCammon most recently served as Global Managing Director for Ricardo, Inc., an international environmental, engineering and strategic transportation company.

Key Points: 
  • IRVINE, Calif., April 24, 2023 /PRNewswire/ -- Karma Automotive, the Southern California-based manufacturer of ultra-luxury electric vehicles, has named long-time automotive executive Marques McCammon as President.
  • McCammon most recently served as Global Managing Director for Ricardo, Inc., an international environmental, engineering and strategic transportation company.
  • McCammon has spent three decades in the transportation industry, specializing in product development and advanced automotive software, manufacturing, marketing, sales and strategic leadership.
  • "I told my first recruiter at Chrysler that my career goal was to run a start-up auto company," says McCammon.

“All Quiet on the Western Front” Won Two Awards in the 2nd Aollywood Five Continents Film Festival

Retrieved on: 
Monday, April 10, 2023

In the Five Continents Film Unit, “All Quiet on the Western Front” won the Global Best Film, and Daniel Brühl won the Best Global Actor with the film.

Key Points: 
  • In the Five Continents Film Unit, “All Quiet on the Western Front” won the Global Best Film, and Daniel Brühl won the Best Global Actor with the film.
  • Miyake also directed the film, which won first place at Japanese Film of the Year at the 65th Japan Film Blue Ribbon Awards.
  • “Song of Spring” Won Two Awards In The Chinese Category, Baoguo Chen Won the Best Chinese Actor
    As a global international film festival organized by the Aollywood Producers Association, the Aollywood Five Continents Film Festival has a special Chinese Film Unit, which is of great interest to Chinese film fans.
  • The Aollywood Five Continents Film Festival is a global international film festival organized by the Aollywood Producers Association.

Philip Richter, Co-Chairman and President of Hollow Brook Wealth Management to Display Extraordinary 1933 Packard at Radnor Hunt Concours d’Elegance and Audrain Newport Concours d’Elegance

Retrieved on: 
Thursday, September 8, 2022

Hollow Brook Wealth Management LLC (Hollow Brook), a leading independent and full-service wealth management firm, today announced that its Co-Chairman and President, Philip Richter will be attending and displaying his 1933 Packard Twelve Dietrich Victoria at this years Radnor Hunt Concours dElegance on Sunday, September 11th and Audrain Newport Concours dElegance on Sunday, October 2nd.

Key Points: 
  • Hollow Brook Wealth Management LLC (Hollow Brook), a leading independent and full-service wealth management firm, today announced that its Co-Chairman and President, Philip Richter will be attending and displaying his 1933 Packard Twelve Dietrich Victoria at this years Radnor Hunt Concours dElegance on Sunday, September 11th and Audrain Newport Concours dElegance on Sunday, October 2nd.
  • The Radnor Hunt Concours dElegance and Audrain Newport Concours d Elegance feature some of the greatest classic and sporting marques, motorcycles, coaches and carriages from all of the United States.
  • Mr. Richters remarkable 1933 Packard Twelve Dietrich Victoria, which he acquired in 2021, will be on display during both shows.
  • Hollow Brook is a leading independent wealth management firm that manages and advises capital on behalf of families, foundations, endowments, pension plans, and individuals.

Philip Richter, Co-Chairman and President of Hollow Brook Wealth Management to Display Legendary 1933 Packard at Historic Festival 40

Retrieved on: 
Tuesday, August 30, 2022

Hollow Brook Wealth Management LLC (Hollow Brook), a leading independent and full-service wealth management firm, today announced that its Co-Chairman and President, Philip Richter will be attending the Historic Festival 40 at Lime Rock Park and will be displaying his 1933 Packard Twelve Dietrich Victoria at this years Concours and Gathering of the Marques.

Key Points: 
  • Hollow Brook Wealth Management LLC (Hollow Brook), a leading independent and full-service wealth management firm, today announced that its Co-Chairman and President, Philip Richter will be attending the Historic Festival 40 at Lime Rock Park and will be displaying his 1933 Packard Twelve Dietrich Victoria at this years Concours and Gathering of the Marques.
  • On Sunday, September 4th, the Lime Rock Concours and Gathering of the Marques will display nearly 1,000 enthusiast cars and motorcycles.
  • Mr. Richters extraordinary 1933 Packard Twelve Dietrich Victoria will be on display during the show.
  • Hollow Brook is a leading independent wealth management firm that manages and advises capital on behalf of families, foundations, endowments, pension plans, and individuals.

MasterClass Announces Content Creator Marques Brownlee to Teach How to Make Compelling Videos That Go Viral

Retrieved on: 
Monday, June 6, 2022

SAN FRANCISCO, June 6, 2022 /PRNewswire/ -- MasterClass, the streaming platform where anyone can learn from the world's best across a wide range of subjects, today announced that Marques Brownlee is joining Sessions by MasterClass, a structured, 30-day curriculum where members learn meaningful skills through hands-on experience, step-by-step demonstration and an engaged community. From ideation to filming, lighting and performing for the camera, Brownlee's session will teach members how to create engaging videos that connect with their viewers on any platform. Enrollment for Brownlee's session is available starting today; the class goes live on June 10. 

Key Points: 
  • Marques demos equipment options for every budget and skill level, creating sample videos to guide members along the way."
  • MasterClass members will be able to follow Brownlee's process on producing epic videos, from idea to execution, and complete hands-on assignments.
  • Creating the Best Videos: Members will practice the tactical skills they will need to produce high-class videos, including lighting techniques, framing and composition.
  • Connecting With Your Audience: Brownlee will teach members how to create content that engages their audience.