ECONOMIC IMPACTS OF ENERGY PRICE SHOCKS IN THE EU DRIVEN BY CRISES

Valentin Radu, Neacsu Andrei-Costin, Neacsu George-Alexandru, Bichir Antonela, Tabirca Alina-Iuliana, Croitoru Ionut-Marius and Mihai Danut-Georgian
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Neacsu Andrei-Costin: BUCHAREST UNIVERSITY OF ECONOMIC STUDIES, ROMANIA
Neacsu George-Alexandru: BUCHAREST UNIVERSITY OF ECONOMIC STUDIES, ROMANIA
Bichir Antonela: VALAHIA UNIVERSITY OF TARGOVISTE, ROMANIA
Tabirca Alina-Iuliana: VALAHIA UNIVERSITY OF TARGOVISTE, ROMANIA
Croitoru Ionut-Marius: NATIONAL UNIVERSITY OF SCIENCE AND TECHNOLOGY POLITEHNICA BUCHAREST
Mihai Danut-Georgian: BUCHAREST UNIVERSITY OF ECONOMIC STUDIES

Annals - Economy Series, 2024, vol. 3, 127-140

Abstract: This paper illustrates the impact of the rising prices of the main natural resources used in the production process, oil, and natural gas, on the eurozone economy using a Vector Autoregressive (VAR) model. It also assesses the dependence of the eurozone economy on fossil fuels from Russia and the need to adopt green, renewable energy. The study compares the shocks administered pre/post the outbreak of the Covid-19 pandemic and the outbreak of the war in Ukraine. Finally, based on the futures trajectory of the Brent oil price, a conditional forecast for macroeconomic variables in the euro area is assessed.

Keywords: Energy; Macroeconomics; VAR; Crises; Matlab (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:cbu:jrnlec:y:2024:v:3:p:127-140

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