Sectoral job creation and destruction responses to oil price changes

• 成果类型: Article; Proceedings Paper
• 署名作者: Davis, SJ; Haltiwanger, J
• 署名单位: University of Chicago; National Bureau of Economic Research; University System of Maryland; University of Maryland College Park
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/S0304-3932(01)00086-1
• 发表日期: 2001
• 页码: 465-512
• 关键词: oil shocks; job creation and destruction

摘要

We study the effects of oil price shocks on the creation and destruction of U.S. manufacturing jobs from 1972 to 1988. Oil shocks account for 20-25 percent of the variability in employment growth, twice as much as monetary shocks. 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 except at young, small plants. Employment growth responds asymmetrically to oil price ups and downs, and oil shocks trigger considerable job reallocation activity. (C) 2001 Elsevier Science B.V. All rights reserved.