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Skill-biased technological change and the business cycle

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Balleer, Almut and Van Rens, Thijs (2013) Skill-biased technological change and the business cycle. Review of Economics and Statistics, Volume 95 (Number 4). pp. 1222-1237. doi:10.1162/REST_a_00326 ISSN 0034-6535.

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Official URL: http://dx.doi.org/10.1162/REST_a_00326

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Abstract

Over the past two decades, technological progress in the United States has been biased towards skilled labor. What does this imply for business cycles? We construct a quarterly skill premium from the CPS and use it to identify skill-biased technology shocks in a VAR with long-run zero and sign restrictions. Hours fall in response to skill-biased technology shocks, indicating that part of the technology-induced fall in hours is due to a compositional shift in labor demand. Investment-specific technology shocks reduce the skill premium, indicating that capital and skill are not complementary in aggregate production.

Item Type: Journal Article
Subjects: H Social Sciences > HB Economic Theory
Divisions: Faculty of Social Sciences > Economics
Library of Congress Subject Headings (LCSH): Business cycles, Labor demand
Journal or Publication Title: Review of Economics and Statistics
Publisher: MIT Press
ISSN: 0034-6535
Official Date: October 2013
Dates:
DateEvent
October 2013Published
30 September 2013Available
16 July 2012Accepted
15 February 2010Submitted
Volume: Volume 95
Number: Number 4
Page Range: pp. 1222-1237
DOI: 10.1162/REST_a_00326
Status: Peer Reviewed
Publication Status: Published
Access rights to Published version: Restricted or Subscription Access
Date of first compliant deposit: 23 December 2015
Date of first compliant Open Access: 23 December 2015

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