The impact of crude-oil price volatility on agricultural employment in the United States
- Dept. of Agriculture, Washington, DC (United States)
This study focuses on the impact of fluctuations in the price of crude oil on agricultural employment in the United States. After reviewing previous assessments of the issue, the existence of an empirical relationship between agricultural employment and crude oil price volatility is established using Granger causality. Subsequently, the nature of the relationship is estimated with the results suggesting that at least three full years are required before the measurable impacts of a percentage change in the real price of crude oil on the change in agricultural employment are exhausted. Finally, the structural stability of the functional relationship between the change in agricultural employment and the volatility of the price of crude oil, the percentage changes in expected net farm income, realized technological innovation, and the wage rate is examined.
- OSTI ID:
- 401733
- Journal Information:
- Journal of Energy and Development, Vol. 20, Issue 2; Other Information: PBD: Spr 1995
- Country of Publication:
- United States
- Language:
- English
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