The Effects of the Real Oil Price on Regional Wage Dispersion
| Autor: | Matthias Kehrig, Nicolas L. Ziebarth |
|---|---|
| Rok vydání: | 2017 |
| Předmět: |
Counterfactual thinking
education.field_of_study General equilibrium theory media_common.quotation_subject 05 social sciences Labor demand Population Wage dispersion Energy intensity 0502 economics and business Unemployment Econometrics Economics 050207 economics Real wages education General Economics Econometrics and Finance 050205 econometrics media_common |
| Zdroj: | American Economic Journal: Macroeconomics. 9:115-148 |
| ISSN: | 1945-7715 1945-7707 |
| Popis: | We find that oil supply shocks decrease average real wages, particularly skilled wages, and increase wage dispersion across regions, particularly unskilled wage dispersion. In a model with spatial energy intensity differences and nontradables, labor demand shifts, while explaining the response of average wages to oil supply shocks, have counterfactual implications for the response of wage dispersion. Only an additional response in labor supply can explain this latter fact, highlighting the importance of general equilibrium effects in a spatial context. We provide additional empirical evidence of regionally directed worker reallocation and housing prices consistent with our spatial model. Finally, we show that a calibrated version of our model can quantitatively match the estimated effects of oil supply shocks. (JEL E24, J22, J23, J24, J31, Q35, R23) |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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