Pissarides, Christopher and Vallanti, Giovanna
The impact of TFP growth on steady-state unemployment.
International economic review, 48
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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
||TFP growth, unemployment, creative destruction, capitalization effect, embodied technology
|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
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