5 (2013): 273–301. BIS central bankers’ speeches  5  manufactured by companies in Central Canada will decrease. Together, these effects will outweigh the benefits derived from the decline in oil prices on the energy bills of households and businesses.
The net impact of this shock is significant: assuming no monetary policy response to the shock, we have calculated that average household disposable income would be reduced by 3 per cent by the end of 2016.