Miguel, Carlos de; Manzano, Baltasar; Martin-Moreno, Jose M. - In: The Energy Journal Volume24 (2003) Number 2, pp. 47-61
This paper analyzes the effects of oil price shocks on the characteristics of the business cycle and on welfare in a small open economy, such as in the case of the Spanish economy. The results show the ability of the model to reproduce the business cycle path of the Spanish economy, especially...
