Pissarides, Christopher and Vallanti, Giovanna
The impact of TFP growth on steady-state unemployment.
International Economic Review, 48
Full text not available from this repository.
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. In econometric estimates with a panel of industrial countries we find a large negative impact of TFP growth on unemployment, 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.
||© 2007 Blackwell Publishing
|Library of Congress subject classification:
||H Social Sciences > HN Social history and conditions. Social problems. Social reform
H Social Sciences > HD Industries. Land use. Labor
|Journal of Economic Literature Classification System:
||J - Labor and Demographic Economics > J6 - Mobility, Unemployment, and Vacancies > J64 - Unemployment: Models, Duration, Incidence, and Job Search
E - Macroeconomics and Monetary Economics > E2 - Consumption, Saving, Production, Employment, and Investment > E24 - Macroeconomics: Employment; Unemployment; Wages; Intergenerational Income Distribution (includes wage indexation)
O - Economic Development, Technological Change, and Growth > O5 - Economywide Country Studies > O51 - U.S.; Canada
O - Economic Development, Technological Change, and Growth > O5 - Economywide Country Studies > O52 - Europe
||Research centres and groups > Centre for Economic Performance (CEP)
Departments > Economics
||29 Feb 2008
Actions (login required)
||Record administration - authorised staff only