IDEAS home Printed from https://ideas.repec.org/a/aen/journl/2003v24-02-a02.html
   My bibliography  Save this article

Oil Price Shocks and Aggregate Fluctuations

Author

Listed:
  • Carlos de Miguel
  • Baltasar Manzano
  • Jose M. Martin-Moreno

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.

Suggested Citation

  • Carlos de Miguel & Baltasar Manzano & Jose M. Martin-Moreno, 2003. "Oil Price Shocks and Aggregate Fluctuations," The Energy Journal, International Association for Energy Economics, vol. 0(Number 2), pages 47-61.
  • Handle: RePEc:aen:journl:2003v24-02-a02
    as

    Download full text from publisher

    File URL: http://www.iaee.org/en/publications/ejarticle.aspx?id=1406
    Download Restriction: Access to full text is restricted to IAEE members and subscribers.

    As the access to this document is restricted, you may want to search for a different version of it.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Evangelia Papapetrou, 2013. "Oil prices and economic activity in Greece," Economic Change and Restructuring, Springer, vol. 46(4), pages 385-397, November.
    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.
    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.
    4. repec:kap:compec:v:51:y:2018:i:4:d:10.1007_s10614-017-9657-9 is not listed on IDEAS
    5. Oral, Isil & Santos, Indhira & Zhang, Fan, 2012. "Climate change policies and employment in Eastern Europe and Central Asia," Policy Research Working Paper Series 6294, The World Bank.
    6. repec:bla:afrdev:v:29:y:2017:i:2:p:319-336 is not listed on IDEAS
    7. Baltasar Manzano & Carlos de Miguel & JosÈ Mô MartÌn Moreno, "undated". "Oil Shocks and the Business Cycle in Europe," Studies on the Spanish Economy 215, FEDEA.
    8. Mehmet Balcilar & Reneé van Eyden & Josine Uwilingiye & Rangan Gupta, 2017. "The Impact of Oil Price on South African GDP Growth: A Bayesian Markov Switching-VAR Analysis," African Development Review, African Development Bank, vol. 29(2), pages 319-336, June.
    9. Torsten Schmidt & Tobias Zimmermann, 2005. "Effects of Oil Price Shocks on German Business Cycles," RWI Discussion Papers 0036, Rheinisch-Westfälisches Institut für Wirtschaftsforschung.
    10. repec:eee:eneeco:v:71:y:2018:i:c:p:14-34 is not listed on IDEAS
    11. repec:dug:actaec:y:2017:i:5:p:169-188 is not listed on IDEAS
    12. Martín-Moreno, José M. & Pérez, Rafaela & Ruiz, Jesús, 2014. "A real business cycle model with tradable and non-tradable goods for the Spanish economy," Economic Modelling, Elsevier, vol. 36(C), pages 204-212.
    13. repec:taf:applec:v:49:y:2017:i:16:p:1637-1654 is not listed on IDEAS
    14. repec:zbw:rwidps:0031 is not listed on IDEAS
    15. 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.
    16. Virjinia Jeliazkova, 2010. "Effects of the Dynamics of the Oil Price – Theoretical and Empirical Bases," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 2, pages 127-165.
    17. repec:eee:enepol:v:106:y:2017:i:c:p:536-546 is not listed on IDEAS
    18. repec:ipg:wpaper:2014-421 is not listed on IDEAS
    19. repec:aen:journl:ej38-6-martinmoreno is not listed on IDEAS
    20. Tobias Zimmermann & Torsten Schmidt, 2005. "Effects of oil price shocks on German business cycles," Computing in Economics and Finance 2005 212, Society for Computational Economics.
    21. Sanidas, Elias, 2014. "Four harmonic cycles explain and predict commodity currencies' wide long term fluctuations," Technological Forecasting and Social Change, Elsevier, vol. 87(C), pages 135-151.
    22. JosÈ Mô MartÌn Moreno & Jes˙s Ruiz, "undated". "Bienes comerciables y no comerciables en la economÌa espanola: Un enfoque de ciclo real," Studies on the Spanish Economy 206, FEDEA.
    23. repec:eco:journ2:2017-06-17 is not listed on IDEAS
    24. Tarek Atallah & Jorge Blazquez, 2015. "Quantifying the impact of coal on global economic growth and energy productivity in the early 21st century," ECONOMICS AND POLICY OF ENERGY AND THE ENVIRONMENT, FrancoAngeli Editore, vol. 2015(2), pages 93-106.

    More about this item

    JEL classification:

    • F0 - International Economics - - General

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:aen:journl:2003v24-02-a02. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (David Williams). General contact details of provider: http://edirc.repec.org/data/iaeeeea.html .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.