An empirical inquiry into the distributional consequences of energy price shocks

IF 3.3 2区经济学 Q2 BUSINESS, FINANCE

Journal of International Money and Finance Pub Date : 2025-09-01 DOI:10.1016/j.jimonfin.2025.103421

Luca Eduardo Fierro , Mario Martinoli

引用次数: 0

Abstract

We estimate how energy shocks affect the functional distribution of income. Using structural vector autoregressions identified with an external instrument, we find that an increase in oil prices leads to a substantial and long-lasting decline in the wage share. Real aggregate wage income is significantly impacted, with a considerable part of this decline stemming from distributive dynamics. We also investigate possible asymmetries in the response to oil supply shocks, finding that the wage share is more sensitive to negative shocks than to positive ones. This suggests that wage earners lose from oil price hikes more than they benefit from declines.

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能源价格冲击的分布后果实证研究

我们估计能源冲击如何影响收入的功能分配。使用外部工具识别的结构向量自回归，我们发现油价上涨导致工资份额大幅且持久的下降。实际总工资收入受到显著影响，这种下降在很大程度上源于分配动态。我们还研究了应对石油供应冲击可能存在的不对称性，发现工资份额对负面冲击比正面冲击更敏感。这表明，工薪阶层从油价上涨中损失的要大于从油价下跌中受益的。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of International Money and Finance BUSINESS, FINANCE-

CiteScore

4.20

自引率

4.00%

发文量

141

期刊介绍： Since its launch in 1982, Journal of International Money and Finance has built up a solid reputation as a high quality scholarly journal devoted to theoretical and empirical research in the fields of international monetary economics, international finance, and the rapidly developing overlap area between the two. Researchers in these areas, and financial market professionals too, pay attention to the articles that the journal publishes. Authors published in the journal are in the forefront of scholarly research on exchange rate behaviour, foreign exchange options, international capital markets, international monetary and fiscal policy, international transmission and related questions.