Oil prices, unemployment and the financial crisis in oil-importing countries: The case of Spain
Javier Ordóñez (),
Mercedes Monfort and
Energy, 2019, vol. 181, issue C, 625-634
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)
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3) Track citations by RSS feed
Downloads: (external link)
Full text for ScienceDirect subscribers only
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:eee:energy:v:181:y:2019:i:c:p:625-634
Access Statistics for this article
Energy is currently edited by Henrik Lund and Mark J. Kaiser
More articles in Energy from Elsevier
Bibliographic data for series maintained by Haili He ().