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Oil shocks on unemployment in Central and Eastern Europe

Author

Listed:
  • Juan Carlos Cuestas

    (EestiPank)

  • Luis A. Gil-Alana

    (University of Navarra)

Abstract

The aim of this paper is to shine some light on the effect of oil price movements on unemployment in Central and Eastern Europe. In order to do so, we disentangle oil prices movements by their sign. From there we analyse the separate effect of positive and negative movements of oil prices on unemployment rates. We find that although oil prices and unemployment are not very much correlated in the short run, the effect of oil price shocks on the natural rate of unemployment goes in the same direction, i.e. increases or decreases in oil prices increase or decrease the natural rate of unemployment.

Suggested Citation

  • Juan Carlos Cuestas & Luis A. Gil-Alana, 2016. "Oil shocks on unemployment in Central and Eastern Europe," Faculty Working Papers 01/16, School of Economics and Business Administration, University of Navarra.
    • Handle: RePEc:una:unccee:wp0116
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    File URL: http://www.unav.edu/documents/10174/6546776/UNAV_0216.pdf/f4e091f2-8ef0-4751-8da6-030b2c59d2d2
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    Citations

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    Cited by:

    1. Ding, Zhihua & Liu, Zhenhua & Zhang, Yuejun & Long, Ruyin, 2017. "The contagion effect of international crude oil price fluctuations on Chinese stock market investor sentiment," Applied Energy, Elsevier, vol. 187(C), pages 27-36.
    2. Antonakakis, Nikolaos & Gupta, Rangan & Kollias, Christos & Papadamou, Stephanos, 2017. "Geopolitical risks and the oil-stock nexus over 1899–2016," Finance Research Letters, Elsevier, vol. 23(C), pages 165-173.
    3. Rui F. Teixeira & Mara Madaleno & Elisabete S. Vieira, 2017. "Oil price effects over individual Portuguese stock returns," Empirical Economics, Springer, vol. 53(3), pages 891-926, November.
    4. 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.
    5. Kang, Wensheng & Perez de Gracia, Fernando & Ratti, Ronald A., 2017. "Oil price shocks, policy uncertainty, and stock returns of oil and gas corporations," Journal of International Money and Finance, Elsevier, vol. 70(C), pages 344-359.
    6. Silvapulle, Param & Smyth, Russell & Zhang, Xibin & Fenech, Jean-Pierre, 2017. "Nonparametric panel data model for crude oil and stock market prices in net oil importing countries," Energy Economics, Elsevier, vol. 67(C), pages 255-267.
    7. Ahmed, Walid M.A., 2017. "On the dynamic interactions between energy and stock markets under structural shifts: Evidence from Egypt," Research in International Business and Finance, Elsevier, vol. 42(C), pages 61-74.
    8. Luo, Xingguo & Qin, Shihua, 2017. "Oil price uncertainty and Chinese stock returns: New evidence from the oil volatility index," Finance Research Letters, Elsevier, vol. 20(C), pages 29-34.
    9. Joo, Young C. & Park, Sung Y., 2017. "Oil prices and stock markets: Does the effect of uncertainty change over time?," Energy Economics, Elsevier, vol. 61(C), pages 42-51.
    10. Diaz, Elena Maria & de Gracia, Fernando Perez, 2017. "Oil price shocks and stock returns of oil and gas corporations," Finance Research Letters, Elsevier, vol. 20(C), pages 75-80.

    More about this item

    Keywords

    unemployment rates; oil prices shocks; Central and Eastern Europe;
    All these keywords.

    JEL classification:

    • C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
    • E39 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Other
    • Q43 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy and the Macroeconomy

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