Where do jobs go when oil prices drop?

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dc.contributor.author Karaki, Mohamad B.
dc.contributor.author Herrera, Ana Maria
dc.contributor.author Rangaraju, Sandeep Kumar
dc.date.accessioned 2017-11-01T13:11:54Z
dc.date.available 2017-11-01T13:11:54Z
dc.date.copyright 2017 en_US
dc.date.issued 2017-11-01
dc.identifier.issn 1873-6181 en_US
dc.identifier.uri http://hdl.handle.net/10725/6468 en_US
dc.description.abstract In this paper, we estimate a factor augmented vector autoregressive (FAVAR) model to investigate the effect of oil price shocks on total private job flows as well as on industry-level job creation and destruction. Following an unexpected oil price drop in the first year, we find that in oil and gas extraction and support activities for mining exhibit a reduction in job creation and an increase in job destruction. Instead, industries in construction, manufacturing and services exhibit an increase in the net employment change. An unexpected decline in the real oil price slows down the pace of gross job reallocation. We demonstrate that the increase (decrease) in private job destruction (creation) observed during the first year is primarily driven by the response of closing (expanding) firms in services and manufacturing. en_US
dc.language.iso en en_US
dc.title Where do jobs go when oil prices drop? en_US
dc.type Article en_US
dc.description.version Published en_US
dc.author.school SOB en_US
dc.author.idnumber 201304845 en_US
dc.author.department Department of Economics (ECON) en_US
dc.description.embargo N/A en_US
dc.relation.journal Energy Economics en_US
dc.journal.volume 64 en_US
dc.article.pages 469-482 en_US
dc.keywords Oil prices en_US
dc.keywords Job flows en_US
dc.keywords Job reallocation en_US
dc.identifier.doi https://doi.org/10.1016/j.eneco.2016.02.006 en_US
dc.identifier.ctation Herrera, A. M., Karaki, M. B., & Rangaraju, S. K. (2017). Where do jobs go when oil prices drop?. Energy Economics, 64, 469-482. en_US
dc.author.email mkaraki@lau.edu.lb en_US
dc.identifier.tou http://libraries.lau.edu.lb/research/laur/terms-of-use/articles.php en_US
dc.identifier.url http://www.sciencedirect.com/science/article/pii/S0140988316300196 en_US
dc.orcid.id https://orcid.org/0000-0003-0925-9054 en_US
dc.author.affiliation Lebanese American University en_US

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