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Oil price shocks and the Portuguese economy since the 1970s

Pedro Robalo and João Cotter Salvado

FEUNL Working Paper Series from Universidade Nova de Lisboa, Faculdade de Economia

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 respon

New Economics Papers: this item is included in nep-ene and nep-mac
Date: 2008
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