298–320; Césaire A. Meh and Kevin Moran (2008), “The Role of Bank Capital in the Propagation of Shocks,” Bank of Canada Working Paper 2008–36 (Ottawa, Ontario, Canada: Bank of Canada, October); and Mark Gertler and Peter Karadi (2009), “A Model of Unconventional Monetary Policy,” manuscript, New York University, June.
Having stressed this, I can say that the average estimated effect of an oil price increase of 10 % is to add about 0.1 percentage point to euro area inflation in the first year and to reduce GDP growth by approximately the same amount, that is by 0.1 percentage point in the same year.