Pissarides, Christopher A.; Vallanti, Giovanna - In: International Economic Review 48 (2007) 2, pp. 607-640
Theoretical predictions of the impact of total factor productivity (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....