作者：Polgreen, Linnea; Silos, Pedro
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Atlanta; University of Iowa
摘要：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...
作者：Chang, Yongsung; Hornstein, Andreas; Sarte, Pierre-Daniel
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Richmond; University of Rochester; Yonsei University
摘要：Whether technological progress raises or lowers employment in the short run has been the subject of much debate in the recent years. We show that cross-industry differences in inventory holding costs, demand elasticities, and price rigidities potentially all affect employment decisions in the face of productivity shocks. In particular, the employment response to a permanent productivity shock is more likely to be positive the less costly it is to hold inventories, the more elastic industry dem...
