EconPapers    
Economics at your fingertips  
 

Oil price shocks and the Portuguese economy since the 1970s

Pedro Robalo and João Cotter Salvado

Nova SBE Working Paper Series from Universidade Nova de Lisboa, Nova School of Business and Economics

Abstract: This paper assesses empirically the effect of oil price shocks on Portuguese aggregate economic activity, industrial production and price level. We take the usual multivariate VAR methodology to investigate the magnitude and stability of this relationship. In doing so, we follow the approach presented in the recent literature and adopt different oil price specifications. We conclude that, as for most industrialized countries, the nature of this relationship changed in the mid-1980s. Furthermore, we show that the main Portuguese macroeconomic variables have become progressively less responsive to oil shocks and the adjustment towards equilibrium has become increasingly faster.

Keywords: Oil price shocks; Granger causality; impulse response analysis (search for similar items in EconPapers)
JEL-codes: E32 Q43 (search for similar items in EconPapers)
Pages: 18 pages
Date: 2008
New Economics Papers: this item is included in nep-ene and nep-mac
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (5) Track citations by RSS feed

Downloads: (external link)
https://run.unl.pt/bitstream/10362/11575/1/wp529.pdf

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:unl:unlfep:wp529

Access Statistics for this paper

More papers in Nova SBE Working Paper Series from Universidade Nova de Lisboa, Nova School of Business and Economics Contact information at EDIRC.
Bibliographic data for series maintained by Susana Lopes ().

 
Page updated 2021-11-27
Handle: RePEc:unl:unlfep:wp529