The Employment and Wage Effects of Oil Price Changes: A Sectoral Analysis
利用微观面板数据，从总体和行业层面考察油价变动对就业和实际工资的影响，发现油价上涨会降低所有工人的实际工资，但提高技能工人的相对工资。
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.