Theoretical predictions of the impact of TFP growth on unemployment are ambiguous, and depend on the extent to which new technology is embodied in new jobs. We evaluate a model with embodied and disembodied technology, capitalization, and creative destruction effects by estimating the impact of TFP growth on unemployment in a panel of industrial countries. We find a large negative impact which implies that embodied technology and creative destruction play no role in the steady-state dynamics of unemployment. Capitalization effects explain some of the estimated impact but a part remains unexplained.
The Impact of TFP Growth on Steady-State Unemployment / Christopher, Pissarides; Vallanti, Giovanna. - In: INTERNATIONAL ECONOMIC REVIEW. - ISSN 0020-6598. - 48:2(2007), pp. 607-640. [10.1111/j.1468-2354.2007.00439.x]
Titolo: | The Impact of TFP Growth on Steady-State Unemployment | |
Autori: | ||
Data di pubblicazione: | 2007 | |
Rivista: | ||
Citazione: | The Impact of TFP Growth on Steady-State Unemployment / Christopher, Pissarides; Vallanti, Giovanna. - In: INTERNATIONAL ECONOMIC REVIEW. - ISSN 0020-6598. - 48:2(2007), pp. 607-640. [10.1111/j.1468-2354.2007.00439.x] | |
Abstract: | Theoretical predictions of the impact of TFP growth on unemployment are ambiguous, and depend on the extent to which new technology is embodied in new jobs. We evaluate a model with embodied and disembodied technology, capitalization, and creative destruction effects by estimating the impact of TFP growth on unemployment in a panel of industrial countries. We find a large negative impact which implies that embodied technology and creative destruction play no role in the steady-state dynamics of unemployment. Capitalization effects explain some of the estimated impact but a part remains unexplained. | |
Handle: | http://hdl.handle.net/11385/7541 | |
Appare nelle tipologie: | 01.1 - Articolo su rivista (Article) |
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