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Oil prices, unemployment and the financial crisis in oil-importing countries: The case of Spain

Javier Ordóñez (), Mercedes Monfort and Juan Cuestas

Energy, 2019, vol. 181, issue C, 625-634

Abstract: The aim of this paper is to analyse the effect of oil price shocks on unemployment in an oil-importing country such as Spain to determine whether they affect unemployment differently in times of financial distress. In order to do so, we use Bayesian methods to estimate a SVAR model with endogenous oil shocks. According to our results, the response of unemployment to oil shocks is clearly different in the pre-crisis compared to the crisis period. Asymmetries are also an important feature of the data: positive oil shocks contributed negatively to the evolution of employment in Spain after the outbreak of the crisis, while any decreases had less of an effect in terms of a recovery in the employment rate.

Keywords: Oil prices; Unemployment; Structural Bayesian VAR (search for similar items in EconPapers)
JEL-codes: C22 F15 (search for similar items in EconPapers)
Date: 2019
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DOI: 10.1016/

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