Efectos del incremento del precio del petróleo en la economía española: Análisis de cointegración y de la política monetaria mediante reglas de Taylor

Oil price shocks and the spanish economy: Cointegration analysis and monetary policy under Taylor rules

Fernando Hernández Martínez

MPRA Paper from University Library of Munich, Germany

Abstract: The main purpose of this paper is to show evidence about the negative impact of oil price shocks in the economy of Spain. Since oil demand is continuously increasing all around the world and OPEC countries use to act having certain power to raise them, it is necessary to study how these price levels affect to inflation rate and output growth. Oil prices, inflation and interest rates and Gross Domestic Product historical data are collected for contegration analysis. Forward-looking and Backward-looking Taylor Rules are also estimated to compare their trend with respect to official interest rates and finally conclude if the European Central Banks takes these rules patterns into account.

Keywords: Oil prices; interest rates; inflation; Gross Direct Product; cointegration; Taylor rules (search for similar items in EconPapers)
JEL-codes: C32 E52 E58 Q43 (search for similar items in EconPapers)
Date: 2009-02
New Economics Papers: this item is included in nep-cba, nep-ene and nep-mac
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:18056

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