Article1986

Oil Price Shocks and the Dispersion Hypothesis

310 citations0/0 files storedThe Review of Economics and Statistics

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Market Dynamics and Volatility Monetary Policy and Economic Impact Unemployment and Economic Growth

Abstract

Recent research by David Lilien shows that a significant fraction of aggregate unemployment can be explained by the dispersion of employment growth across industries. This paper presents two new results in this area. First, it is shown that a significant fraction of the variation in Lilien's dispersion index is due to the differential impact of oil shocks across industries. Second, and more important, it is shown that, once the dispersion in employment growth due to oil shocks is accounted for, the residual dispersion has no explanatory power for unemployment.

Citations in this library

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References

1982Sectoral Shifts and Cyclical Unemployment

Cited by

1998Exchange Rates and Oil Prices 2001Energy Shocks and Financial Markets: Nonlinear Linkages 2008On the influence of oil prices on economic activity and other macroeconomic and financial variables*2008Impact of crude oil price volatility on economic activities: An empirical investigation in the Thai economy 2002Oil Price Shocks and the U.S. Economy: Where Does the Asymmetry Originate?2005The impact of oil prices on GDP in European countries: An empirical investigation based on asymmetric cointegration 1994Business Cycles and the Oil Market 2011OIL PRICE SHOCKS AND INDUSTRIAL PRODUCTION: IS THE RELATIONSHIP LINEAR?

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