TY - BOOK ID - 84542155 TI - The Employment and Wage Effects of Oil Price Changes : A Sectoral Analysis AU - Keane, Michael. AU - Prasad, Eswar. PY - 1995 SN - 1462324827 1455253502 1281601950 1455269530 9786613782649 PB - Washington, D.C. : International Monetary Fund, DB - UniCat KW - Investments: Energy KW - Inflation KW - Labor KW - Macroeconomics KW - Energy: Demand and Supply KW - Prices KW - Price Level KW - Deflation KW - Energy: General KW - Wages, Compensation, and Labor Costs: General KW - Employment KW - Unemployment KW - Wages KW - Intergenerational Income Distribution KW - Aggregate Human Capital KW - Aggregate Labor Productivity KW - Demand and Supply of Labor: General KW - Wage Level and Structure KW - Wage Differentials KW - Energy and the Macroeconomy KW - Labour KW - income economics KW - Investment & securities KW - Oil prices KW - Oil KW - Commodities KW - Petroleum industry and trade KW - Economic theory KW - United States UR - https://www.unicat.be/uniCat?func=search&query=sysid:84542155 AB - 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. ER -