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How Oil Prices Impact The Labor Market
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Book Synopsis How Oil Prices Impact the Labor Market by : Johanna Bocklet
Download or read book How Oil Prices Impact the Labor Market written by Johanna Bocklet and published by . This book was released on 2016 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis The Employment and Wage Effects of Oil Price Changes by : Mr.Eswar Prasad
Download or read book The Employment and Wage Effects of Oil Price Changes written by Mr.Eswar Prasad and published by International Monetary Fund. This book was released on 1995-04-01 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Economy-wide and Distributional Impacts of an Oil Price Shock on the South African Economy by : B. Essama-Nssah
Download or read book Economy-wide and Distributional Impacts of an Oil Price Shock on the South African Economy written by B. Essama-Nssah and published by World Bank Publications. This book was released on 2007 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: As crude oil prices reach new highs, there is renewed concern about how external shocks will affect growth and poverty in developing countries. This paper describes a macro-micro framework for examining the structural and distributional consequences of a significant external shock-an increase in the world price of oil-on the South African economy. The authors merge results from a highly disaggregative computable general equilibrium model and a micro-simulation analysis of earnings and occupational choice based on socio-demographic characteristics of the household. The model provides changes in employment, wages, and prices that are used in the micro-simulation. The analysis finds that a 125 percent increase in the price of crude oil and refined petroleum reduces employment and GDP by approximately 2 percent, and reduces household consumption by approximately 7 percent. The oil price shock tends to increase the disparity between rich and poor. The adverse impact of the oil price shock is felt by the poorer segment of the formal labor market in the form of declining wages and increased unemployment. Unemployment hits mostly low and medium-skilled workers in the services sector. High-skilled households, on average, gain from the oil price shock. Their income rises and their spending basket is less skewed toward food and other goods that are most affected by changes in oil prices.
Book Synopsis Do Oil Prices Influence Unemployment Rate in Texas? by : Ugur Soytas
Download or read book Do Oil Prices Influence Unemployment Rate in Texas? written by Ugur Soytas and published by . This book was released on 2019 with total page 17 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent recovery in the world oil prices and the positive performance of major oil company stocks has raised the prospects of major oil and natural gas producing states, such as Texas. High oil prices are interpreted as good news for Texas economy and the labor market. However, the impact of the oil market developments on the state's employment level needs more scrutiny. Contradictory to theory and to several earlier empirical studies, we find that oil price swings have no effect on the unemployment rate in Texas. Even when structural breaks and time varying correlations are considered, neutrality of the state's unemployment rate to oil market developments persists. DCCs imply that association between oil price/interest rate and unemployment rate did not change over time. Hence, higher (lower) oil prices may not lead to lower (higher) unemployment rate in Texas.
Book Synopsis Oil Price Uncertainty by : Apostolos Serletis
Download or read book Oil Price Uncertainty written by Apostolos Serletis and published by World Scientific Publishing Company Incorporated. This book was released on 2012 with total page 142 pages. Available in PDF, EPUB and Kindle. Book excerpt: The relationship between the price of oil and the level of economic activity is a fundamental issue in macroeconomics. There is an ongoing debate in the literature about whether positive oil price shocks cause recessions in the United States (and other oil-importing countries), and although there exists a vast empirical literature that investigates the effects of oil price shocks, there are relatively few studies that investigate the direct effects of uncertainty about oil prices on the real economy. The book uses recent advances in macroeconomics and financial economics to investigate the effects of oil price shocks and uncertainty about the price of oil on the level of economic activity.
Book Synopsis The Distributional Implications of the Impact of Fuel Price Increases on Inflation by : Mr. Kangni R Kpodar
Download or read book The Distributional Implications of the Impact of Fuel Price Increases on Inflation written by Mr. Kangni R Kpodar and published by International Monetary Fund. This book was released on 2021-11-12 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the response of consumer price inflation to changes in domestic fuel prices, looking at the different categories of the overall consumer price index (CPI). We then combine household survey data with the CPI components to construct a CPI index for the poorest and richest income quintiles with the view to assess the distributional impact of the pass-through. To undertake this analysis, the paper provides an update to the Global Monthly Retail Fuel Price Database, expanding the product coverage to premium and regular fuels, the time dimension to December 2020, and the sample to 190 countries. Three key findings stand out. First, the response of inflation to gasoline price shocks is smaller, but more persistent and broad-based in developing economies than in advanced economies. Second, we show that past studies using crude oil prices instead of retail fuel prices to estimate the pass-through to inflation significantly underestimate it. Third, while the purchasing power of all households declines as fuel prices increase, the distributional impact is progressive. But the progressivity phases out within 6 months after the shock in advanced economies, whereas it persists beyond a year in developing countries.
Book Synopsis The impact of an oil price increase on aggregate supply by : Karen H. Johnson
Download or read book The impact of an oil price increase on aggregate supply written by Karen H. Johnson and published by . This book was released on 1981 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Monetary Policy and the Oil Market by : Naoyuki Yoshino
Download or read book Monetary Policy and the Oil Market written by Naoyuki Yoshino and published by Springer. This book was released on 2016-03-04 with total page 155 pages. Available in PDF, EPUB and Kindle. Book excerpt: While oil price fluctuations in the past can be explained by pure supply factors, this book argues that it is monetary policy that plays a significant role in setting global oil prices. It is a key factor often neglected in much of the earlier literature on the determinants of asset prices, including oil prices. However, this book presents a framework for modeling oil prices while incorporating monetary policy. It also provides a complete theoretical basis of the determinants of crude oil prices and the transmission channels of oil shocks to the economy. Moreover, using several up-to-date surveys and examples from the real world, this book gives insight into the empirical side of energy economics. The empirical studies offer explanations for the impact of monetary policy on crude oil prices in different periods including during the subprime mortgage crisis of 2008–2009, the impact of oil price variations on developed and emerging economies, the effectiveness of monetary policy in the Japanese economy incorporating energy prices, and the macroeconomic impacts of oil price movements in trade-linked cases. This must-know information on energy economics is presented in a reader-friendly format without being overloaded with excessive and complicated calculations. enUsed="false" QFormat="true" Name="Subtle Emphasis"/>
Book Synopsis International Dimensions of Monetary Policy by : Jordi Galí
Download or read book International Dimensions of Monetary Policy written by Jordi Galí and published by University of Chicago Press. This book was released on 2010-03-15 with total page 663 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Oil Prices, Monetary Policy and Inflation Surges by : Luca Gagliardone
Download or read book Oil Prices, Monetary Policy and Inflation Surges written by Luca Gagliardone and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We develop a simple quantitative New Keynesian model aimed at accounting for the recent sudden and persistent rise in inflation, with emphasis on the role of oil shocks and accommodative monetary policy. The model features oil as a complementary good for households and as a complementary input for firms. It also allows for unemployment and real wage rigidity. We estimate the key parameters by matching model impulse responses to those from identified money and oil shocks in a structural VAR. We then show that our model does a good job of explaining unemployment and inflation since 2010, including the recent inflation surge that began in mid 2021. We show that mainly accounting for this surge was a combination oil price shocks and “easy” monetary policy, even after allowing for demand shocks and shocks to labor market tightness. Important for the quantitative impact of the oil price shock is a low elasticity of substitution between oil and labor, which we estimate to be the case.
Book Synopsis Oil Prices and the Global Economy by : Mr.Rabah Arezki
Download or read book Oil Prices and the Global Economy written by Mr.Rabah Arezki and published by International Monetary Fund. This book was released on 2017-01-27 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents a simple macroeconomic model of the oil market. The model incorporates features of oil supply such as depletion, endogenous oil exploration and extraction, as well as features of oil demand such as the secular increase in demand from emerging-market economies, usage efficiency, and endogenous demand responses. The model provides, inter alia, a useful analytical framework to explore the effects of: a change in world GDP growth; a change in the efficiency of oil usage; and a change in the supply of oil. Notwithstanding that shale oil production today is more responsive to prices than conventional oil, our analysis suggests that an era of prolonged low oil prices is likely to be followed by a period where oil prices overshoot their long-term upward trend.
Book Synopsis Economy-Wide and Distributional Impacts of an Oil Price Shock on the South African Economy by : B. Essama-Nssah
Download or read book Economy-Wide and Distributional Impacts of an Oil Price Shock on the South African Economy written by B. Essama-Nssah and published by . This book was released on 2017 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: As crude oil prices reach new highs, there is renewed concern about how external shocks will affect growth and poverty in developing countries. This paper describes a macro-micro framework for examining the structural and distributional consequences of a significant external shock-an increase in the world price of oil-on the South African economy. The authors merge results from a highly disaggregative computable general equilibrium model and a micro-simulation analysis of earnings and occupational choice based on socio-demographic characteristics of the household. The model provides changes in employment, wages, and prices that are used in the micro-simulation. The analysis finds that a 125 percent increase in the price of crude oil and refined petroleum reduces employment and GDP by approximately 2 percent, and reduces household consumption by approximately 7 percent. The oil price shock tends to increase the disparity between rich and poor. The adverse impact of the oil price shock is felt by the poorer segment of the formal labor market in the form of declining wages and increased unemployment. Unemployment hits mostly low and medium-skilled workers in the services sector. High-skilled households, on average, gain from the oil price shock. Their income rises and their spending basket is less skewed toward food and other goods that are most affected by changes in oil prices.
Book Synopsis How Much Do Oil Prices Affect Employment? by : Maria E. Canon
Download or read book How Much Do Oil Prices Affect Employment? written by Maria E. Canon and published by . This book was released on 2020 with total page 2 pages. Available in PDF, EPUB and Kindle. Book excerpt: Texas accounted for 37 percent of the decline in the U.S. job market in March.
Book Synopsis The Impact of Rising Oil Prices on the World Economy by : Lars Matthiessen
Download or read book The Impact of Rising Oil Prices on the World Economy written by Lars Matthiessen and published by London : Macmillan. This book was released on 1982 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: Research papers on economic implications of petroleum price increases for petroleum exporting countries and petroleum importing countries - includes econometric model simulations of productivity, economic growth and price control in the USA, energy conservation, short term consequences for Scandinavia, OPEC expenditure, and import substitution in Sweden; covers assessment of oil technology efficiency, fiscal policy to prevent unemployment, and pricing of petroleum resources under monopoly. Graphs, references, statistical tables.
Author :Edmonton (Alta.). Planning and Building Department Corporate Forecasting Group Publisher : ISBN 13 : Total Pages :44 pages Book Rating :4.:/5 (284 download)
Book Synopsis Impact of Oil Prices on Alberta's Economic Growth and Labour Market : an Econometric Analysis by : Edmonton (Alta.). Planning and Building Department Corporate Forecasting Group
Download or read book Impact of Oil Prices on Alberta's Economic Growth and Labour Market : an Econometric Analysis written by Edmonton (Alta.). Planning and Building Department Corporate Forecasting Group and published by . This book was released on 1986 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Structural Change and the Macroeconomic Effects of Oil Shocks by : Michael M. Hutchison
Download or read book Structural Change and the Macroeconomic Effects of Oil Shocks written by Michael M. Hutchison and published by . This book was released on 1992 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Impact of Oil Prices on Alberta's Economic Growth and Labour Market by : Jong Huang
Download or read book Impact of Oil Prices on Alberta's Economic Growth and Labour Market written by Jong Huang and published by . This book was released on 1986 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
