Harmonization

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?.

Harmonize Launches ML-powered Employee Lifecycle Management Platform for IT Teams to Streamline and Secure Enterprise Access

Retrieved on: 
Monday, December 4, 2023

SAN FRANCISCO, Dec. 4, 2023 /PRNewswire/ -- Harmonize, the intelligent employee lifecycle management platform for access and compliance, today announced the launch of its platform for CISO, CSO, and IT leaders seeking easier processes to alleviate security risk. Harmonize solves identity lifecycle management with automation using AI and ML models to help SMBs and enterprises save valuable time and cost. The software plugs the gaps in identity management by automating entitlement analysis to provide more contextual insights for decision-making by the IT and security admins. Harmonize is the connective tissue using employee data to make intelligent decisions, replacing a traditionally manual process for access requests.

Key Points: 
  • Harmonize solves identity lifecycle management with automation using AI and ML models to help SMBs and enterprises save valuable time and cost.
  • Harmonize is the connective tissue using employee data to make intelligent decisions, replacing a traditionally manual process for access requests.
  • Integrating Harmonize as an employee lifecycle management platform allows small businesses and medium-sized enterprises to do more with less.
  • Mobile Device Management: Powered by Fleet Device Management, Harmonize MDM seamlessly integrates with the employee lifecycle providing features like "Lock device at time of offboarding".

QuestionPro Announces Fall XDay North America Lineup

Retrieved on: 
Monday, October 9, 2023

AUSTIN, Texas, Oct. 09, 2023 (GLOBE NEWSWIRE) -- QuestionPro , a global leader in online survey and research services today announced the agenda and speaker lineup for its annual customer event, XDay 2023 North America .

Key Points: 
  • AUSTIN, Texas, Oct. 09, 2023 (GLOBE NEWSWIRE) -- QuestionPro , a global leader in online survey and research services today announced the agenda and speaker lineup for its annual customer event, XDay 2023 North America .
  • The event takes place October 26, 2023 from 9:00 a.m. – 4:30 p.m. (U.S. Central Time) at the Thompson Hotel in Austin.
  • He will unveil exciting new products and feature updates across QuestionPro product lines and set the stage for a day of innovation and inspiration.
  • QuestionPro executives will also lead breakout sessions on best practices for leveraging the QuestionPro platform to: Empower change in an organization; Harmonize efforts with Experience Mapping; preview the road ahead for new features.

Clinical Trial Risk Identification, Management and Reporting from Clinical Development to Marketing; Upcoming Webinar Hosted by Xtalks

Retrieved on: 
Thursday, October 12, 2023

TORONTO, Oct. 12, 2023 /PRNewswire-PRWeb/ -- During this webinar, the featured speakers will bring together the various European Union (EU) and United States (US) pharmacovigilance requirements for risk identification, management and reporting, and examine each component sequentially along the drug development journey.

Key Points: 
  • The featured speakers will discuss the critical interdependencies between signal detection processes, aggregate safety reports, risk management plans, labeling documents and study documents.
  • TORONTO, Oct. 12, 2023 /PRNewswire-PRWeb/ -- During this webinar, the featured speakers will bring together the various European Union (EU) and United States (US) pharmacovigilance requirements for risk identification, management and reporting, and examine each component sequentially along the drug development journey.
  • From a global perspective, foundational to this are the EU and US regulatory requirements applicable to the clinical trial and post-marketing settings.
  • The main elements that will be explored in this webinar include:
    1.

Charles River and PathoQuest Announce Publication of a Head-to-Head Study Validating Proprietary Next Generation Sequencing Viral Safety Assay as a Reliable In Vitro Alternative to Animal Testing Methods

Retrieved on: 
Wednesday, September 6, 2023

This unique study demonstrated that PathoQuest’s proprietary, good manufacturing practice (GMP) grade NGS-based assay had a greater capability of detecting viral contaminants when compared to in vivo assays.

Key Points: 
  • This unique study demonstrated that PathoQuest’s proprietary, good manufacturing practice (GMP) grade NGS-based assay had a greater capability of detecting viral contaminants when compared to in vivo assays.
  • The objective of the study was to compare classical in vivo testing methods used to screen cell lines for adventitious viruses with a GMP-compliant viral transcriptome NGS assay.
  • The study was conducted as a head-to-head comparison of standard in vivo testing and NGS-based testing of cell substrates.
  • This project was funded by Charles River and PathoQuest, understanding the importance of the results for future viral safety testing strategies.

EmVenio Research expands clinical research team to streamline efficiency and compliance processes

Retrieved on: 
Monday, August 28, 2023

DURHAM, N.C., Aug. 28, 2023 /PRNewswire/ -- EmVenio Research recently appointed Christine Scheuring and Vickie Leathers to manage clinical research teams and processes. Scheuring serves as director of quality and compliance and Leathers is the manager of clinical research education and training. Their hiring aligns with EmVenio's goal to ensure that the clinical trial team conducts and will maintain adherence to the latest Federal Drug Administration regulations and in accordance with Good Clinical Practice and International Conference of Harmonization guidelines.

Key Points: 
  • DURHAM, N.C., Aug. 28, 2023 /PRNewswire/ -- EmVenio Research recently appointed Christine Scheuring and Vickie Leathers to manage clinical research teams and processes.
  • Scheuring serves as director of quality and compliance and Leathers is the manager of clinical research education and training.
  • EmVenio Research appointed Christine Scheuring and Vickie Leathers to manage its clinical research teams and processes.
  • "Adding Christine and Vickie reinforces our research team's effort to remain on the forefront of developments in the clinical research realm."

Vulcan FHIR® Accelerator Connects CDISC, HL7, and ICH M11 in a Project to Digitize Exchange of Clinical Research Protocols

Retrieved on: 
Tuesday, June 6, 2023

The project announced by HL7 Vulcan and CDISC will build on work products of ICH M11 to accelerate this vision.

Key Points: 
  • The project announced by HL7 Vulcan and CDISC will build on work products of ICH M11 to accelerate this vision.
  • Vulcan is an HL7® FHIR Accelerator dedicated to connecting clinical and translational research to clinical care through Fast Healthcare Interoperability Resources (FHIR®).
  • ICH M11 is the topic of the International Council for Harmonization to create a Clinical electronic Structured Harmonised Protocol (CeSHarP).
  • ICH M11 is developing a clinical protocol template, guideline, and technical specification, which will serve as the project’s foundation.

Report: America's Critical Infrastructure is Highly Vulnerable

Retrieved on: 
Tuesday, May 23, 2023

NEW YORK, May 23, 2023 /PRNewswire/ -- Today, the Committee for Economic Development, the public policy center of The Conference Board (CED), issued a new Solutions Brief, Securing Critical Infrastructure: Building Resilience.

Key Points: 
  • The report comes at a time when the United States is facing unprecedented challenges in safeguarding its critical infrastructure from both disruption and direct attack.
  • It details the challenges of—and provides recommendations for—securing US critical infrastructure and building resiliency, focusing on three vital areas as case studies: water systems, energy, and communications.
  • "As cyberattacks escalate in number and complexity, it is crucial to build critical infrastructure systems that are robust and resilient.
  • Key Recommendations from the Solutions Brief:
    1) Increase collaboration and information-sharing between government and the private sector, prioritizing operators of critical infrastructure.

Harmonize Announces New Integration with ChatGPT for More Effective Online Course Discussions

Retrieved on: 
Tuesday, May 23, 2023

BOULDER, Colo., May 23, 2023 /PRNewswire-PRWeb/ -- Harmonize -- a suite of discussion and collaboration tools used to power online courses within your LMS -- announced a groundbreaking integration with ChatGPT. First to market, Harmonize has leveraged its knowledge of quality education pedagogy to coach ChatGPT to build better course discussion and assignment prompts, so that educators and instructional designers can boost student engagement.

Key Points: 
  • First to market, Harmonize leverages its knowledge of quality education pedagogy to coach ChatGPT to build better online course discussion prompts that boost student engagement.
  • BOULDER, Colo., May 23, 2023 /PRNewswire-PRWeb/ -- Harmonize -- a suite of discussion and collaboration tools used to power online courses within your LMS -- announced a groundbreaking integration with ChatGPT.
  • First to market, Harmonize has leveraged its knowledge of quality education pedagogy to coach ChatGPT to build better course discussion and assignment prompts, so that educators and instructional designers can boost student engagement.
  • "Harmonize has always been committed to improving online learning experiences for students and educators," said Marcus Popetz, CEO of Harmonize.

Leading Enterprise Crypto Company Ripple Acquires Custody Provider Metaco for $250M

Retrieved on: 
Wednesday, May 17, 2023

Ripple , the leader in enterprise blockchain and crypto solutions, announced today it has acquired Metaco , a Swiss-based provider of digital asset custody and tokenization technology.

Key Points: 
  • Ripple , the leader in enterprise blockchain and crypto solutions, announced today it has acquired Metaco , a Swiss-based provider of digital asset custody and tokenization technology.
  • Diversifying into custody solutions is a milestone in Ripple’s business and product strategy, bringing new revenue opportunities to the company.
  • With this acquisition, Ripple will expand its enterprise offerings, providing customers with the technology to custody, issue, and settle any type of tokenized asset.
  • “As the go-to provider for traditional finance companies looking to integrate crypto and blockchain solutions, Ripple is uniquely positioned to address the growing institutional crypto custody market, expected to reach $10T by 2030.