OIL PRICE SHOCKS AND THE BUSINESS CYCLE IN SPAIN: IS THE 2008 FINANCIAL CRISIS DIFFERENT?

Isidro Frias

Applied Econometrics and International Development, 2013, vol. 13, issue 2, 15-26

Abstract: In this paper, the effect of an oil price shock upon the business cycle is revisited. Not long time ago, many researchers maintained that volatility in output growth have reached an end, and that economic stability would be something characteristic of modern societies. However, 2008 economic downturn has brought the question of cyclical crisis and their causes back to the stage. Granger causality tests were applied to quarterly data of Spanish economy since 1970, in order to disentangle the effects of variations in the price of crude oil upon the economy, taking into account the institutional differences that the aforementioned researchers found in the periods before and after the beginning of the 1980´s.

Keywords: exogenous shocks; oil price; business cycle; Spanish economy; Granger causality. (search for similar items in EconPapers)
Date: 2013
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

Downloads: (external link)
http://www.usc.es/economet/reviews/aeid1322.pdf
no

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eaa:aeinde:v:13:y:2013:i:2_2

Ordering information: This journal article can be ordered from
http://www.usc.es/economet/info.htm

Access Statistics for this article

More articles in Applied Econometrics and International Development from Euro-American Association of Economic Development
Bibliographic data for series maintained by M. Carmen Guisan ().