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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
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 | ||||||||||
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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: |
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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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