Cyclical Skill-Biased Technological Change
| Contribuinte(s) |
Universitat Pompeu Fabra. Departament d'Economia i Empresa |
|---|---|
| Data(s) |
10/07/2013
|
| Resumo |
Over the past two decades, technological progress has been biased towards making skilled labor more productive. The evidence for this finding is based on the persistent parallel increase in the skill premium and the supply of skilled workers. What are the implications of skill-biased technological change for the business cycle? To answer this question, we use the CPS outgoing rotation groups to construct quarterly series for the price and quantity of skill. The unconditional correlation of the skill premium with the cycle is zero. However, using a structural VAR with long run restrictions, we find that technology shocks substantially increase the premium. Investment-specific technology shocks are not skill-biased and our findings suggest that capital and skill are (mildly) substitutable in aggregate production. |
| Identificador | |
| Idioma(s) |
cat |
| Direitos |
Aquest document està subjecte a una llicència d'ús de Creative Commons, amb la qual es permet copiar, distribuir i comunicar públicament l'obra sempre que se'n citin l'autor original, la universitat i el departament i no se'n faci cap ús comercial ni obra derivada, tal com queda estipulat en la llicència d'ús (<a href="http://creativecommons.org/licenses/by-nc-nd/2.5/es/">http://creativecommons.org/licenses/by-nc-nd/2.5/es/</a>) |
| Palavras-Chave | #Skill-biased technology, skill premium, VAR, long-run restrictions, capital-skill complementarity, business cycle |
| Tipo |
info:eu-repo/semantics/workingPaper |
