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Author : Michael P. Keane
Publisher :
ISBN 13 :
Total Pages : 34 pages
Book Rating : 4.:/5 (951 download)
Download or read book The Employment and Wage Effects of Oil Changes written by Michael P. Keane and published by . This book was released on 1995 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mr.Eswar Prasad
Publisher : International Monetary Fund
ISBN 13 : 1451845510
Total Pages : 37 pages
Book Rating : 4.4/5 (518 download)
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.
Author : Eswar S. Prasad
Publisher :
ISBN 13 :
Total Pages : 38 pages
Book Rating : 4.:/5 (129 download)
Download or read book The Employment and Wage Effects of Oil Price Changes written by Eswar S. Prasad and published by . This book was released on 2006 with total page 38 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.
Author : Michael Keane
Publisher :
ISBN 13 :
Total Pages : 34 pages
Book Rating : 4.:/5 (482 download)
Download or read book The EMPLOYMENT AND WAGE EFFECTS OF OIL PRICE CHANGES written by Michael Keane and published by . This book was released on 1995 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Michael P. Keane
Publisher :
ISBN 13 :
Total Pages : 50 pages
Book Rating : 4.:/5 (25 download)
Download or read book The Employment and Wage Effects of Oil Price Shocks written by Michael P. Keane and published by . This book was released on 1991 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Jordi Galí
Publisher : University of Chicago Press
ISBN 13 : 0226278875
Total Pages : 663 pages
Book Rating : 4.2/5 (262 download)
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.
Author : Mark Agerton
Publisher : International Monetary Fund
ISBN 13 : 1498376061
Total Pages : 36 pages
Book Rating : 4.4/5 (983 download)
Download or read book Employment Impacts of Upstream Oil and Gas Investment in the United States written by Mark Agerton and published by International Monetary Fund. This book was released on 2015-02-11 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Author : Lars E. O. Svensson
Publisher :
ISBN 13 :
Total Pages : 48 pages
Book Rating : 4.3/5 (9 download)
Download or read book Oil Prices, Welfare and the Trade Balance written by Lars E. O. Svensson and published by . This book was released on 1982 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Author : Johanna Bocklet
Publisher :
ISBN 13 :
Total Pages : 64 pages
Book Rating : 4.:/5 (949 download)
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.
Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
ISBN 13 : 9781589063235
Total Pages : 224 pages
Book Rating : 4.0/5 (632 download)
Download or read book IMF Staff Papers, Volume 51, No. 2 written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 2004-07-29 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Author : Gage Hector
Publisher :
ISBN 13 :
Total Pages : 42 pages
Book Rating : 4.:/5 (124 download)
Download or read book Economic Effects of Fracking on Wage and Employment written by Gage Hector and published by . This book was released on 2019 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: The study of this paper is to see the economic effects of fracking in Texas. We focus specifically on wage and employment change. We use quarterly data from the Bureau of Labor and Statistics at the county level, income data from the Internal Revenue Service, and quarterly level county drilling data from Enverus, from the years 2003-2019 quarter one. We focus on the Natural Resource & Mining sector and the Total, All Industries sector. We use a fixed effects linear model to see the changes of one-year employment and one-year weekly wage change. We find that one-year change in employment is positive and significant to the amount of oil drilled within the first sixty-months. One-year change in weekly wage was less significant due to the notion that prices are sticky.
Author : Steven J. Davis
Publisher :
ISBN 13 :
Total Pages : 36 pages
Book Rating : 4.:/5 (246 download)
Download or read book Sectoral Job Creation and Destruction Responses to Oil Price Changes written by Steven J. Davis and published by . This book was released on 1999 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: We study the effects of oil price changes and other shocks on the creation and destruction of U.S. manufacturing jobs from 1972 to 1988. We find that oil shocks account for about 20-25 percent of the cyclical variability in employment growth under our identifying assumptions, twice as much as monetary shocks. Employment growth shows a sharply asymmetric response to oil price ups and downs, in contrast to the prediction of standard equilibrium business cycle models. The two-year employment response to an oil price increase rises (in magnitude) with capital intensity, energy intensity, and product durability. Job destruction shows much greater short-run sensitivity to oil and monetary shocks than job creation in every sector with the clear exception of young, small plants. Oil shocks also generate important reallocative effects. For example, we estimate that job reallocation rose by 11 percent of employment over 3-4 years in response to the 1973 oil shock. More than 80 percent of this response reflects greater job reallocation activity within manufacturing.
Author : Mr. Kangni R Kpodar
Publisher : International Monetary Fund
ISBN 13 : 1616356154
Total Pages : 34 pages
Book Rating : 4.6/5 (163 download)
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.
Author : Randall W. Eberts
Publisher : W. E. Upjohn Institute
ISBN 13 :
Total Pages : 176 pages
Book Rating : 4.4/5 (91 download)
Download or read book Wage and Employment Adjustment in Local Labor Markets written by Randall W. Eberts and published by W. E. Upjohn Institute. This book was released on 1992 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt: Analyses the adjustment patterns of regional labour markets to changing demand between 1973 and 1987.
Author : B. Essama-Nssah
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 57 pages
Book Rating : 4./5 ( download)
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.
Author : Steven J. Davis
Publisher :
ISBN 13 :
Total Pages : 60 pages
Book Rating : 4.:/5 (129 download)
Download or read book Sectoral Job Creation and Destruction Responses to Oil Price Changes written by Steven J. Davis and published by . This book was released on 2013 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the effects of oil price changes and other shocks on the creation and destruction of U.S. manufacturing jobs from 1972 to 1988. We find that oil shocks account for about 20-25 percent of the cyclical variability in employment growth under our identifying assumptions, twice as much as monetary shocks. Employment growth shows a sharply asymmetric response to oil price ups and downs, in contrast to the prediction of standard equilibrium business cycle models. The two-year employment response to an oil price increase rises (in magnitude) with capital intensity, energy intensity, and product durability. Job destruction shows much greater short-run sensitivity to oil and monetary shocks than job creation in every sector with the clear exception of young, small plants. Oil shocks also generate important reallocative effects. For example, we estimate that job reallocation rose by 11 percent of employment over 3-4 years in response to the 1973 oil shock. More than 80 percent of this response reflects greater job reallocation activity within manufacturing.
Author :
Publisher :
ISBN 13 :
Total Pages : 678 pages
Book Rating : 4.:/5 (31 download)
Download or read book IMF Working Paper written by and published by . This book was released on 1995 with total page 678 pages. Available in PDF, EPUB and Kindle. Book excerpt:
