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.
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.
Download or read book Sectoral Job Creation and Destruction Responses to Oil Prices Changes written by Steve J. Davis and published by . This book was released on 1999 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
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.
Download or read book Sectoral job creation and destruction responses to oil price changes written by Jean Benielli and published by . This book was released on 1999 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Sectoral Job Creation and Destruction Reponses to Oil Price Changes written by and published by . This book was released on 1999 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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.
Download or read book Understanding Sectoral Labor Market Dynamics written by Patrick Kline and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the response of employment and wages in the US oil and gas field services industry to changes in the price of crude petroleum using a time series of quarterly data spanning the period 1972-2002. I find that labor quickly reallocates across sectors in response to price shocks but that substantial wage premia are necessary to induce such reallocation. The timing of these premia is at odds with the predictions of standard models-wage premia emerge quite slowly, peaking only as labor adjustment ends and then slowly dissipating. After considering alternative explanations, I argue that a dynamic market clearing model with sluggish movements in industry wide labor demand is capable of rationalizing these findings. I proceed to structurally estimate the parameters of the model by minimum distance and find that simulated impulse responses match key features of the estimated dynamics. I also provide auxiliary evidence corroborating the implied dynamics of some important unobserved variables. I conclude with a discussion of the strengths and weaknesses of the model and implications for future research.
Download or read book How Large and Persistent is the Response of Inflation to Changes in Retail Energy Prices written by Mr.Chadi Abdallah and published by International Monetary Fund. This book was released on 2020-06-12 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: We estimate the dynamic effects of changes in retail energy prices on inflation using a novel monthly database, covering 110 countries over 2000:M1 to 2016:M6. We find that (i) inflation responds positively to retail energy price shocks, with effects being, on average, modest and transitory. However, our results suggest significant heterogeneity in the response of inflation to these shocks owing to differences in factors related to labor market flexibility, energy intensity, and monetary policy credibility. We also find compelling evidence of asymmetric effects—under sufficiently large shocks—in the case of high-income and low-income countries, with increases in retail fuel prices inducing larger effects on inflation than decreases in fuel prices.
Download or read book Job Creation Job Destruction and International Competition written by Michael W. Klein and published by W.E. Upjohn Institute. This book was released on 2003 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt: Looks into the costs and benefits of labour-market reallocation of US manufacturing industries. Includes a review of the literature on implications of gross flows for the costs of labour adjustment to international factors. Concludes that gross job flows may influence gross worker flows, and therefore, human capital investment, wages and worker welfare.
Download or read book Exchange Rates and Jobs written by Pierre-Olivier Gourinchas and published by . This book was released on 1998 with total page 90 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: Currency fluctuations provide a substantial source of movements in relative prices that is largely exogenous to the firm. This paper evaluates empirically and theoretically the importance of exchange rate movements on job reallocation across and within sectors. The objective is (1) to provide accurate estimates of the impact of exchange rate fluctuations and (2) to further our understanding of how reallocative shocks propagate through the economy. The empirical results indicate that exchange rates have a significant effect of gross and net job flows in the traded goods sector. Moreover, the paper finds that job creation and destruction comove positively, following a real exchange rate shock. Appreciations are associated with additional turbulence, and depreciations with a existing non-representative agent reallocation models have a hard time replicating the salient features of the data. The results indicate a strong tension between the positive comovements of gross flows in response to reallocative disturbances and the negative comovement in response to aggregate shocks.
Download or read book Routledge Handbook of Energy Economics written by Uğur Soytaş and published by Routledge. This book was released on 2019-09-23 with total page 620 pages. Available in PDF, EPUB and Kindle. Book excerpt: Energy consumption and production have major influences on the economy, environment, and society, but in return they are also influenced by how the economy is structured, how the social institutions work, and how the society deals with environmental degradation. The need for integrated assessment of the relationship between energy, economy, environment, and society is clear, and this handbook offers an in-depth review of all four pillars of the energy-economy-environment-society nexus. Bringing together contributions from all over the world, this handbook includes sections devoted to each of the four pillars. Moreover, as the financialization of commodity markets has made risk analysis more complicated and intriguing, the sections also cover energy commodity markets and their links to other financial and non-financial markets. In addition, econometric modeling and the forecasting of energy needs, as well as energy prices and volatilities, are also explored. Each part emphasizes the multidisciplinary nature of the energy economics field and from this perspective, chapters offer a review of models and methods used in the literature. The Routledge Handbook of Energy Economics will be of great interest to all those studying and researching in the area of energy economics. It offers guideline suggestions for policy makers as well as for future research.
Download or read book Commodity Markets and the Global Economy written by Blake C. Clayton and published by Cambridge University Press. This book was released on 2016 with total page 215 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a clear-eyed analysis of questions at the intersection of commodity markets, natural resource economics, and public policy.
Download or read book Commodity Prices and Markets written by Takatoshi Ito and published by University of Chicago Press. This book was released on 2011-03 with total page 346 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fluctuations of commodity prices, most notably of oil, capture considerable attention and have been tied to important economic effects. This book advances our understanding of the consequences of these fluctuations, providing both general analysis and a particular focus on the countries of the Pacific Rim.
Download or read book NBER Macroeconomics Annual 1998 written by Ben Bernanke and published by MIT Press. This book was released on 1999 with total page 438 pages. Available in PDF, EPUB and Kindle. Book excerpt: The goals of the annual NBER Macroeconomics Conference are to present, extend, and apply frontier work in macroeconomics and to stimulate work by macroeconomists in policy issues. Each paper in the Annual is followed by comments and discussion.
Download or read book Essays on Sectoral Shifts and Input Reallocation written by Yi-Chen Lin and published by . This book was released on 1998 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Schumpeterian Dynamics and Metropolitan Scale Productivity written by Yeonwoo Lee and published by Routledge. This book was released on 2018-05-08 with total page 152 pages. Available in PDF, EPUB and Kindle. Book excerpt: This title was first published in 2003. Schumpeter first put forward the premise that the incessant turbulence of an economy in motion, carrying out new combinations of products, production methods with new technologies and the opening of new markets, is capable of explaining patterns of economic growth and change. Focusing on US industrialized urban areas, this volume tests this theory empirically. Localized employment ’churn’ - registered as job creation/destruction dynamics - is used to account for variations in US metro-regional economic productivity performances during the 1986-1999 period. The results suggest that the employment turnover and replacement dynamics have large and significant positive effects on localized productivity growth independent of a variety of industrial restructuring processes occurring simultaneously. While employment churn effects are robust across US Census regions, they do not exert a uniform influence on metro-regional productivity performances across time. Until 1996, job creation and destruction dynamics often cancelled each other out as metro-regions underwent continued industrial restructuring. Since 1996, however, positive effects on metro-region productivity growth have been consistently strong. In addition to a strong positive effect on productivity of the emergence of a localized IT sector, both an expanding service sector share of regional employment and a rising public spending share of regional output exert powerful downward pressure of localized productivity growth rates.
