Holm-Hadulla, Fédéric; Hubrich, Kirstin - 2017
regime-switching vector autoregressive model we identify two regimes that are characterized by qualitatively different … patterns in economic activity and inflation following oil price shocks in the euro area. In the normal regime, oil price shocks … trigger only limited and short-lived adjustments in these variables. In the adverse regime, by contrast, oil price shocks are …