The impact of oil shocks on the Spanish economy

• Autores: Ana Gómez Loscos, Antonio Montañés Bernal, María Dolores Gadea Rivas
• Localización: Notas técnicas: [continuación de Documentos de Trabajo FUNCAS], ISSN-e 1988-8767, Nº. 538, 2010
• Idioma: inglés
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• Resumen

  • This paper analyses the impact of oil price shocks on both the GDP growth and on inflation in the Spanish economy and its seventeen NUTS-2 regions. The Qu and Perron (2007) and the Bai and Perron (1998, 2003a and 2003b) methods identify different periods across the sample. Evidence in favour of a diminishing effect of oil price shocks on the output and inflation is found from the 1970s until the mid 1990s. The influence of oil shocks recovers some of its initial importance for the GDP in the last part of the 1990s and, especially, for the inflation, in the 2000s (five years when considering regions). The most outstanding result is that oil price movements could explain at least some of the inflation in the latter period, the main difference between these outcomes and those obtained for the 1970s being the lower value of the impact found in the last part of the sample.