The Employment And Wage Effects Of Oil Changes
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The Employment and Wage Effects of Oil Price Changes
| Author | : Mr.Eswar Prasad |
| Publisher | : International Monetary Fund |
| Total Pages | : 37 |
| Release | : 1995-04-01 |
| Genre | : Business & Economics |
| ISBN | : 1451845510 |
In this paper, we use micro panel data to examine the effects of oil price changes on employment and real wages, at the aggregate and industry levels. We also measure differences in the employment and wage responses for workers differentiated on the basis of skill level. We find that oil price increases result in a substantial decline in real wages for all workers, but raise the relative wage of skilled workers. The use of panel data econometric techniques to control for unobserved heterogeneity is essential to uncover this result, which is completely hidden in OLS estimates. We find that changes in oil prices induce changes in employment shares and relative wages across industries. However, we find little evidence that oil price changes cause labor to consistently flow into those sectors with relative wage increases.
The Employment and Wage Effects of Oil Price Changes
| Author | : Eswar S. Prasad |
| Publisher | : |
| Total Pages | : 38 |
| Release | : 2006 |
| Genre | : |
| ISBN | : |
In this paper, we use micro panel data to examine the effects of oil price changes on employment and real wages, at the aggregate and industry levels. We also measure differences in the employment and wage responses for workers differentiated on the basis of skill level. We find that oil price increases result in a substantial decline in real wages for all workers, but raise the relative wage of skilled workers. The use of panel data econometric techniques to control for unobserved heterogeneity is essential to uncover this result, which is completely hidden in OLS estimates. We find that changes in oil prices induce changes in employment shares and relative wages across industries. However, we find little evidence that oil price changes cause labor to consistently flow into those sectors with relative wage increases.
The Employment and Wage Effects of Oil Price Shocks
| Author | : Michael P. Keane |
| Publisher | : |
| Total Pages | : 50 |
| Release | : 1991 |
| Genre | : Petroleum products |
| ISBN | : |
International Dimensions of Monetary Policy
| Author | : Jordi Galí |
| Publisher | : University of Chicago Press |
| Total Pages | : 663 |
| Release | : 2010-03-15 |
| Genre | : Business & Economics |
| ISBN | : 0226278875 |
United States monetary policy has traditionally been modeled under the assumption that the domestic economy is immune to international factors and exogenous shocks. Such an assumption is increasingly unrealistic in the age of integrated capital markets, tightened links between national economies, and reduced trading costs. International Dimensions of Monetary Policy brings together fresh research to address the repercussions of the continuing evolution toward globalization for the conduct of monetary policy. In this comprehensive book, the authors examine the real and potential effects of increased openness and exposure to international economic dynamics from a variety of perspectives. Their findings reveal that central banks continue to influence decisively domestic economic outcomes—even inflation—suggesting that international factors may have a limited role in national performance. International Dimensions of Monetary Policy will lead the way in analyzing monetary policy measures in complex economies.
Employment Impacts of Upstream Oil and Gas Investment in the United States
| Author | : Mark Agerton |
| Publisher | : International Monetary Fund |
| Total Pages | : 36 |
| Release | : 2015-02-11 |
| Genre | : Business & Economics |
| ISBN | : 1498376061 |
Technological progress in the exploration and production of oil and gas during the 2000s has led to a boom in upstream investment and has increased the domestic supply of fossil fuels. It is unknown, however, how many jobs this boom has created. We use time-series methods at the national level and dynamic panel methods at the state-level to understand how the increase in exploration and production activity has impacted employment. We find robust statistical support for the hypothesis that changes in drilling for oil and gas as captured by rig-counts do in fact, have an economically meaningful and positive impact on employment. The strongest impact is contemporaneous, though months later in the year also experience statistically and economically meaningful growth. Once dynamic effects are accounted for, we estimate that an additional rig-count results in the creation of 37 jobs immediately and 224 jobs in the long run, though our robustness checks suggest that these multipliers could be bigger.
Oil Prices, Welfare and the Trade Balance
| Author | : Lars E. O. Svensson |
| Publisher | : |
| Total Pages | : 48 |
| Release | : 1982 |
| Genre | : Balance of trade |
| ISBN | : |
The paper examines welfare effects and the trade balance response to changes in the world oil prices and interest rates for a small oil-importing economy. The trade balance is mainly seen as the difference between saving and investment, and these are derived from intertemporal optimization. It is shown that the welfare effects consist of static terms of trade effects, intertemporal terms of trade effects, and employment effects. The trade balance deteriorates for temporary oil price increases, whereas its response is ambiguous for permanent oil price increases. For a fall in the world interest rate, the trade balance deteriorates, if the economy is a net borrower.
How Oil Prices Impact the Labor Market
| Author | : Johanna Bocklet |
| Publisher | : |
| Total Pages | : 64 |
| Release | : 2016 |
| Genre | : Alaska |
| ISBN | : |
The present paper uses a linear autoregressive distributed lag (ARDL) approach in order to test for symmetric effects of oil price changes on employment in the oil-industry and employment in non-oil industries in Alaska. The ARDL model allows for the examination of short and long-run effects of employment by changes in crude oil prices, interest rate and personal income. Using quarterly data over the period 1987-2015, the long run results show strong positive correlation of crude oil prices and oil-industry employment and negative correlation between crude oil prices and employment in the non-oil industry in Alaska, supporting the sectoral shift hypothesis. Furthermore, interest rates significantly impact employment in both economic sectors, in the short and in the long run. While a higher interest rate leads to job creation in the oil-industry, it causes job destruction in the non-oil industry.
IMF Staff Papers, Volume 51, No. 2
| Author | : International Monetary Fund. Research Dept. |
| Publisher | : International Monetary Fund |
| Total Pages | : 224 |
| Release | : 2004-07-29 |
| Genre | : Business & Economics |
| ISBN | : 9781589063235 |
This second issue for 2004 contains 8 new papers, including notable contributions from: Nancy Brune, Geoffrey Garrett, and Bruce Kogut on the global spread of privatization; and Mark P. Taylor and Elena T. Branson on asymmetric arbitrage and default premiums in the U.S. and Russian markets. Other papers in the issue look at German wage structures, contagion in equity markets, export orientation and productivity in Sub-Saharan Africa, the role of higher vs. basic education in economic development, and issues related to capital account liberalization.
