کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
967861 931411 2009 10 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Crude substitution: The cyclical dynamics of oil prices and the skill premium
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Crude substitution: The cyclical dynamics of oil prices and the skill premium
چکیده انگلیسی

At the business cycle frequency, energy prices and the skill premium display a strong, negative correlation. This fact is robust to different de-trending procedures. Identifying exogenous shocks to oil prices using the Hoover–Perez [1994. Post hoc ergo propter once more: an evaluation of ‘Does monetary policy matter?’ in the spirit of James Tobin. Journal of Monetary Econonmics 34, 47–73] dates, shows that the skill premium falls in response to such a shock. The estimation of the parameters of an aggregate technology that uses, among other inputs, energy and heterogeneous skills, demonstrates that capital–skill and capital–energy complementarity are responsible for this correlation. As energy prices rise, the use of capital decreases and the demand for unskilled labor—relative to skilled labor—increases, lowering the skill premium.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Monetary Economics - Volume 56, Issue 3, April 2009, Pages 409–418
نویسندگان
, ,