The impact of oil shocks on the Spanish economy

► We analyse the economic impact of oil price shocks on the GDP and inflation in Spain. ► Qu and Perron (2007) and Bai and Perron (1998, 2003a and 2003b) methods are used. ► Diminishing effect of oil price shocks on GDP and inflation until the mid 1980s. ► Renewed effect on both macroeconomic variables after the mid 80s.