  We present a detailed spectroscopic investigation of the young eruptive star
PV Cep, to improve our understanding of its nature and characterise its
circumstellar environment after its last outburst in 2004. The analysis of our
medium-resolution spectroscopy in the near-IR (0.9-2.35 um), collected in 2012
at the Large Binocular Telescope with the IR spectrograph LUCIFER, allows us to
infer the main stellar parameters (visual extinction, accretion luminosity,
mass accretion and ejection rates), and model the inner disc, jet, and wind.
The NIR spectrum displays several strong emission lines associated with
accretion/ejection activity and circumstellar environment. Our analysis shows
that the brightness of PV Cep is fading, as well as the mass accretion rate
(2x10^-7 Msun/yr^-1 in 2012 vs ~5x10^-6 Msun/yr^-1 in 2004), which is more than
one order of magnitude lower than in the outburst phase. Among the several
emission lines, only the [FeII] intensity increased after the outburst. The
observed [FeII] emission delineates blue- and red-shifted lobes, both with
high- and low-velocity components, which trace an asymmetric jet and wind,
respectively. The observed emission in the jet has a dynamical age of ~8 years,
indicating that it was produced during the last outburst. The mass ejection
rate in both lobes is 1.5x10^-7 Msun/yr^-1, approximately matching the high
accretion rate observed during and immediately after the outburst . The
observed jet/outflow asymmetries are consistent with an inhomogeneous medium.
Our modelling of the CO emission hints at a small-scale gaseous disc ring,
extending from ~0.2-0.4 AU to ~3 AU from the source, with an inner temperature
of ~3000 K. Our HI lines modelling indicates that most of the observed emission
comes from an expanding disc wind at Te=10000 K. The line profiles are strongly
affected by scattering, disc screening, and outflow self-absorption.
