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The impact of supply shocks on unemployment in Spain


  • Juan Carlos Cuestas


In this paper we aim to investigate how the relationships of falls and rises in the oil price with the unemployment rate and the equilibrium unemployment rate differ in the case of Spain. It is found that while oil price movements do not have an effect on unemployment, they do have a differential effect on the equilibrium rate of unemployment for our target country.

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  • Juan Carlos Cuestas, 2016. "The impact of supply shocks on unemployment in Spain," Economics and Business Letters, Oviedo University Press, vol. 5(4), pages 107-112.
  • Handle: RePEc:ove:journl:aid:11228

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    1. Guglielmo Maria Caporale & Luis Gil-Alana, 2002. "Unemployment and input prices: a fractional cointegration approach," Applied Economics Letters, Taylor & Francis Journals, vol. 9(6), pages 347-351.
    2. Gil-Alana, Luis A., 2006. "UK Unemployment Dynamics: a Fractionally Cointegrated Approach," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, vol. 59(1), pages 33-50.
    3. Alan A. Carruth & Mark A. Hooker & Andrew J. Oswald, 1998. "Unemployment Equilibria And Input Prices: Theory And Evidence From The United States," The Review of Economics and Statistics, MIT Press, vol. 80(4), pages 621-628, November.
    4. M. Hashem Pesaran & Yongcheol Shin & Richard J. Smith, 2001. "Bounds testing approaches to the analysis of level relationships," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 16(3), pages 289-326.
    5. Hamilton, James D, 1988. "A Neoclassical Model of Unemployment and the Business Cycle," Journal of Political Economy, University of Chicago Press, vol. 96(3), pages 593-617, June.
    6. Bampinas Georgios & Panagiotidis Theodore, 2015. "On the relationship between oil and gold before and after financial crisis: linear, nonlinear and time-varying causality testing," Studies in Nonlinear Dynamics & Econometrics, De Gruyter, vol. 19(5), pages 657-668, December.
    7. Angel Estrada & Pablo Hernández de Cos, 2012. "Oil prices and their effect on potential output," Applied Economics Letters, Taylor & Francis Journals, vol. 19(3), pages 207-214, February.
    8. Hamilton, James D, 1983. "Oil and the Macroeconomy since World War II," Journal of Political Economy, University of Chicago Press, vol. 91(2), pages 228-248, April.
    9. Luis Gil-Alana, 2003. "Unemployment and real oil prices in Australia: a fractionally cointegrated approach," Applied Economics Letters, Taylor & Francis Journals, vol. 10(4), pages 201-204.
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