Has the influence of oil price on the economy changed after the crisis? Give an empirical evidence on five European countries

Abstract

In this paper we will study the influence of oil prices on the economies of five countries both before and after the 2008 crisis. For this purpose, we will propose two asymmetric models using VAR models, which will allow us to measure the influence of positive and negative variations in the price and study the effect produced when the variation in the price occurs in periods with price growth or decrease. In addition, we have chosen countries with different productive structures, which will allow us to study if there are patterns of behavior among similar countries.