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Oil price shocks and unemployment in Central and Eastern Europe

Juan Cuestas and Luis Gil-Alana ()

Economic Systems, 2018, vol. 42, issue 1, 164-173

Abstract: The aim of this paper is to examine the effect of oil price movements on unemployment in Central and Eastern Europe. We do this by disentangling oil prices movements by their sign and from there we analyse the separate effects of positive and negative movements of oil prices on unemployment rates. We find that, although oil prices and unemployment are not correlated very much in the short run, the effect of oil price shocks on the natural rate of unemployment goes in the same direction, so that increases or decreases in oil prices increase or decrease the natural rate of unemployment.

Keywords: Unemployment rates; Oil price shocks; Central and Eastern Europe (search for similar items in EconPapers)
JEL-codes: C22 E39 Q43 (search for similar items in EconPapers)
Date: 2018
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Handle: RePEc:eee:ecosys:v:42:y:2018:i:1:p:164-173