This paper assesses empirically the effects of oil price shocks on the real economic activity of the main industrialised countries. Multivariate VAR analysis is carried out using both linear and nonlinear models. The latter category includes three approaches employed in the literature, namely,...

In this paper we analyse the pass-through of a commodity price shock along the food price chain in the euro area. Unlike the existing literature, which mainly focuses on food commodity prices quoted in international markets, we use a novel database that accounts for the role of the Common...

Nowadays, the importance of crude oil goes beyond simple economic aspects and affects social life in general. As such, it is imperative that we should know what the relationship between GDP growth and oil price changes is like. This paper presents evidence of a nonlinear relationship between the...