Resumen de Oil Price Shocks And The Business Cycle In Spain: Is The 2008 Financial Crisis Different?
In this paper, the effect of an oil price shock upon the business cycle is revisited. Not long time ago, many researchers maintained that volatility in output growth have reached an end, and that economic stability would be something characteristic of modern societies. However, 2008 economic downturn has brought the question of cyclical crisis and their causes back to the stage. Granger causality tests were applied to quarterly data of Spanish economy since 1970, in order to disentangle the effects of variations in the price of crude oil upon the economy, taking into account the institutional differences that the aforemention
