Oil price shocks and European industries

► We investigate the impact of oil price shocks at the industry level in the Euro area. ► We use different oil price specifications and use dynamic VAR models and multivariate regression. ► The impact of oil price shocks substantially differs along the different industries. ► In most industries there is no asymmetry in the response to price increases and decreases. ► The results are quite robust to the way in which we model the problem.