Efectos del incremento del precio del petróleo en la economía española: Análisis de cointegración y de la política monetaria mediante reglas de Taylor
[Oil price shocks and the spanish economy: Cointegration analysis and monetary policy under Taylor rules]
AbstractThe main purpose of this paper is to show evidence about the negative impact of oil price shocks in the economy of Spain. Since oil demand is continuously increasing all around the world and OPEC countries use to act having certain power to raise them, it is necessary to study how these price levels affect to inflation rate and output growth. Oil prices, inflation and interest rates and Gross Domestic Product historical data are collected for contegration analysis. Forward-looking and Backward-looking Taylor Rules are also estimated to compare their trend with respect to official interest rates and finally conclude if the European Central Banks takes these rules patterns into account.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 18056.
Date of creation: Feb 2009
Date of revision:
Oil prices; interest rates; inflation; Gross Direct Product; cointegration; Taylor rules;
Find related papers by JEL classification:
- C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
- E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
- E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
- Q43 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy and the Macroeconomy
This paper has been announced in the following NEP Reports:
- NEP-ALL-2009-10-31 (All new papers)
- NEP-CBA-2009-10-31 (Central Banking)
- NEP-ENE-2009-10-31 (Energy Economics)
- NEP-MAC-2009-10-31 (Macroeconomics)
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