Oil prices and economic downturns: the case of Spain

References

• Álvarez, L. J., S. Hurtado, I. Sánchez, and C. Thomas. 2011. “The Impact of Oil Price Changes on Spanish and Euro Area Consumer Price Inflation.” Economic Modelling 28 (1–2): 422–431. doi:10.1016/j.econmod.2010.08.006.
   Web of Science ®Google Scholar
• Bernanke, B. S., M. Gertler, and M. Watson. 1997. “Systematic Monetary Policy and the Effects of Oil Price Shocks.” Brookings Papers on Economic Activity 1997 (1): 91–157. doi:10.2307/2534702.
   Google Scholar
• Blanchard, O. J., and J. Galí. 2010. “The Macroeconomic Effects of Oil Price Shocks: Why are the 2000s so Different from the 1970s?” In International Dimensions of Monetary Policy, edited by Gali, J. and M. J. Gertler, 373–420. National Bureau of Economic Research.Chicago: University of Chicago Press.
   Google Scholar
• Burbidge, J., and A. Harrison. 1984. “Testing for the Effects of Oil-Price Rises Using Vector Autoregressions.” International Economic Review 25 (2): 459–484. doi:10.2307/2526209.
   Web of Science ®Google Scholar
• Cashin, P., K. Mohaddes, and M. Raissi. 2014. “The Differential Effects of Oil Demand and Supply Shocks on the Global Economy.” Energy Economics 44: 113–134. doi:10.1016/j.eneco.2014.03.014.
   Web of Science ®Google Scholar
• Davis, S. J., and J. Haltiwanger. 2001. “Sectoral Job Creation and Destruction Responses to Oil Price Changes.” Journal of Monetary Economics 48 (3): 465–512. doi:10.1016/S0304-3932(01)00086-1.
   Web of Science ®Google Scholar
• De Miguel, C., B. Manzano, and J. M. Martin-Moreno. 2003. “Oil Price Shocks and Aggregate Fluctuations.” The Energy Journal 24 (2): 47–61. doi:10.5547/ISSN0195-6574-EJ.
   Web of Science ®Google Scholar
• Edelstein, P., and L. Kilian. 2007. “Retail Energy Prices and Consumer Expenditures.” CEPR Discussion Papers, n.6255. London: Centre for Economic Policy Research.
   Google Scholar
• Fomby, T. B., and J. G. Hirschberg. 1989. “Texas in Transition: Dependence on Oil and the National Economy.” Economic and Financial Policy Review no. Jan. 11–28.
   Google Scholar
• Frías-Pinedo, I. 2013. “Oil Price Shocks and the Business Cycle: Is the 2008 Financial Crisis Different?” Applied Econometrics and International Development 13 (2): 15–26.
   Google Scholar
• Gómez-Loscos, A., A. Montañés, and M. D. Gadea. 2011. “The Impact of Oil Shocks on the Spanish Economy.” Energy Economics 33 (6): 1070–1081. doi:10.1016/j.eneco.2011.05.016.
   Web of Science ®Google Scholar
• Guisán, M. C., and P. Expósito. 2013. “Employment, Production and Income by Sector in Spain: Econometric Models and Comparison with Germany and the United States, 1965-2010.” Regional and Sectoral Economic Studies 13 (1): 78–90.
   Google Scholar
• Hamilton, J. D. 1983. “Oil and the Macroeconomy since World War II.” The Journal of Political Economy 91 (2): 228–248. doi:10.1086/261140.
   Web of Science ®Google Scholar
• Hamilton, J. D. 1988. “A Neo-Classical Model of Unemployment and the Business Cycle.” The Journal of Political Economy 96: 593–617. doi:10.1086/261553.
   Web of Science ®Google Scholar
• Hamilton, J. D. 2009. “Causes and Consequences of the Oil Shock of 2007–08.” Brookings Papers on Economic Activity 40 (1): 215–261. doi:10.1353/eca.0.0047.
   Google Scholar
• Hamilton, J. D. 2008. “Oil and the Macroeconomy.” In The New Palgrave Dictionary of Economics, edited by Durlauf, S. N. and L. Blume. 2nd ed. London: Palgrave Macmillan Ltd.
   Google Scholar
• Hamilton, J. D., and A. M. Herrera. 2004. “Oil Shocks and Aggregate Macroeconomic Behavior: The Role of Monetary Policy: A Comment.” Journal of Money Credit and Banking 36 (2): 265–286. doi:10.1353/mcb.2004.0012.
   Web of Science ®Google Scholar
• Kilian, L. 2008. “A Comparison of the Effects of Exogenous Oil Supply Shocks on Output and Inflation in the G7 Countries.” Journal of the European Economic Association 6 (1): 78–121. doi:10.1162/jeea.2008.6.issue-1.
   Web of Science ®Google Scholar
• Kilian, L. 2009. “Not All Oil Price Shocks are Alike: Disentangling Demand and Supply Shocks in the Crude Oil Market.” American Economic Review 99 (3, Jun.):1053–69.
   Web of Science ®Google Scholar
• Lee, K., and S. Ni. 2002. “On the Dynamic Effects of Oil Price Shocks: A Study Using Industry Level Data.” Journal of Monetary Economics 49: 823–852. doi:10.1016/S0304-3932(02)00114-9.
   Web of Science ®Google Scholar
• Melolinna, M. 2012. “Macroeconomic Shocks in an Oil Market VAR.” ECB Working Paper Series, n.1432. Frankfurt am Main: European Central Bank.
   Google Scholar
• Mork, K. A., H. J. Mysen, and O. Olsen. 1990. “Business Cycles and Oil Price Fluctuations: Some Evidence for Six OECD Countries.” In Recent Modelling Approaches in Applied Energy Economics, edited by Bjerkholt, O., O. Olsen, J. Vislie (eds), 239–260. International Studies in Economic Modelling. London: Chapman & Hall.
   Google Scholar
• Peersman, G., and I. van Robays. 2009. “Oil and the Euro Area Economy.” Economic Policy 24 (60): 603–651. doi:10.1111/ecop.2009.24.issue-60.
   Google Scholar
• Peersman, G., and I. van Robays. 2012. “Cross-Country Differences in the Effects of Oil Shocks.” Energy Economics 34 (5): 1532–1547. doi:10.1016/j.eneco.2011.11.010.
   Web of Science ®Google Scholar