Abstract

RUIZ-PORRAS, Antonio  and  ANGUIANO-PITA, Javier Emmanuel. Oil Prices and Economic Activity in Mexico. Ens. Rev. econ. [online]. 2021, vol.40, n.2, pp.159-188.  Epub Feb 21, 2022. ISSN 2448-8402.  https://doi.org/10.29105/ensayos40.2-3.

We study the interdependence between oil prices and economic activity in Mexico using an analysis of static and dynamic spillovers in the time and frequency domains. The main findings show that: 1) The relationships between oil prices and economic activity have fluctuated over time; 2) variations in oil prices have short-run effects and their volatilities have long-run effects on economic activity; 3) MAYA oil prices have the main interdependences with economic activity; 4) the highest net spillovers between oil prices and economic activity occurred between April 2009 and June 2012. The study uses a series of variations and monthly volatilities of the spot oil prices MAYA, WTI, and Brent, and the IGAE indicator from February 1993 to December 2019.

Keywords : Oil; Economic activity; Spillovers; Endogenous structural change; Mexico.

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