Oil Price Shocks and the Dispersion Hypothesis

descriptionPublicationkeyboard_double_arrow_right Article 01 Aug 1986Publisher:JSTORJournal:The Review of Economics and Statistics, volume 68, page 536 (issn: 0034-6535,

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Authors: Loungani, Prakash;

doi: 10.2307/1926035

Oil Price Shocks and the Dispersion Hypothesis

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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.

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