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Oil Price Shocks and Aggregate Fluctuations

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Author Info
Carlos de Miguel
Baltasar Manzano
Jose M. Martin-Moreno

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Abstract

This paper analyzes the effects of oil price shocks on the characteristics of the business cycle and on welfare in a small open economy, such as in the case of the Spanish economy. The results show the ability of the model to reproduce the business cycle path of the Spanish economy, especially in those periods when shocks in the price of oil were most dramatic. Furthermore, the model reproduces other regularities of the Spanish business cycle. Finally, it is shown that the increases in the relative price oil had a negative and significant effect on welfare.

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Publisher Info
Article provided by International Association for Energy Economics in its journal The Energy Journal.

Volume (Year): 24 (2003)
Issue (Month): 2 ()
Pages: 47-62
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Handle: RePEc:aen:journl:2003v24-02-a02

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F0 - International Economics - - General

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  1. Baltasar Manzano & Carlos de Miguel & José Mª Martín Moreno, . "Oil Shocks and the Business Cycle in Europe," Studies on the Spanish Economy 215, FEDEA. [Downloadable!]
  2. Naohisa Hirakata & Nao Sudo, 2009. "Accounting for Oil Price Variation and Weakening Impact of the Oil Crisis," IMES Discussion Paper Series 09-E-01, Institute for Monetary and Economic Studies, Bank of Japan. [Downloadable!]
  3. Carlos de Miguel & Baltasar Manzano, 2006. "Optimal Oil Taxation in a Small Open Economy," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 9(3), pages 438-454, July. [Downloadable!] (restricted)
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  4. Tweneboah , George & Adam, Anokye M., 2008. "Implications of Oil Price Shocks for Monetary Policy in Ghana: A Vector Error Correction Model," MPRA Paper 11968, University Library of Munich, Germany. [Downloadable!]
  5. Paul L. Joskow, 2003. "Energy Policies and Their Consequences After 25 Years," Working Papers 0313, Massachusetts Institute of Technology, Center for Energy and Environmental Policy Research. [Downloadable!]
    Other versions:
  6. Torsten Schmidt & Tobias Zimmermann, 2005. "Effects of Oil Price Shocks on German Business Cycles," RWI Discussion Papers 0036, Rheinisch-Westfälisches Institut für Wirtschaftsforschung. [Downloadable!]
  7. José Mª Martín Moreno & Jesús Ruiz, . "Bienes comerciables y no comerciables en la economía española: Un enfoque de ciclo real," Studies on the Spanish Economy 206, FEDEA. [Downloadable!]
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This page was last updated on 2009-12-22.

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