The Effects of the Real Oil Price on Regional Wage Dispersion

• 成果类型: Article
• 署名作者: Kehrig, Matthias; Ziebarth, Nicolas L.
• 署名单位: Duke University; Auburn University System; Auburn University; National Bureau of Economic Research
• 刊物名称: AMERICAN ECONOMIC JOURNAL-MACROECONOMICS
• ISSN/ISSBN: 1945-7707
• DOI: 10.1257/mac.20150097
• 发表日期: 2017
• 页码: 115-148
• 关键词: job reallocation; business-cycle; supply shocks; US; unemployment; INEQUALITY; EMPLOYMENT; responses; energy; MARKET

摘要

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.