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-biased technology shocks in a VAR with long-run restrictions. Hours fall in response to skill-biased technology shocks, indicating that …. -- Skill-biased technology ; skill premium ; VAR ; long-run restrictions ; capital-skill complementarity ; business cycle …
Persistent link: https://www.econbiz.de/10009540790
for the skill premium from the CPS and use it to identify skill-biased technology shocks in a VAR with long run …
Persistent link: https://www.econbiz.de/10013158513
correlation of the skill premium with the cycle is zero. However, using a structural VAR with long run restrictions, we find that …
Persistent link: https://www.econbiz.de/10012724948
for the skill premium from the CPS and use it to identify skill-biased technology shocks in a VAR with long run … capital and skill are substitutes in aggregate production. -- Skill-biased technology ; skill premium ; VAR ; long …
Persistent link: https://www.econbiz.de/10003863655
The evolution of the U.S. skill premium over the past century has been characterized by a U-shaped pattern. The previous literature has attributed this observation mainly to the existence of exogenous, unexpected technological shocks or changes in institutional factors. In contrast, this paper...
Persistent link: https://www.econbiz.de/10012026530
Ljungqvist and Sargent (2017) (LS) show that unemployment fluctuations can be understood in terms of a quantity they call the "fundamental surplus." However, their analysis ignores risk premia, a force that Hall (2017) shows is important in understanding unemployment fluctuations. We show how...
Persistent link: https://www.econbiz.de/10012649569
The COVID-19 crisis may have widely and permanently altered the labor market through the demand for skills. Crises tend to accelerate technological change. Previous recent crises were characterized by an acceleration of automation, which generally led to a decrease in middle-income jobs with...
Persistent link: https://www.econbiz.de/10014577919
Persistent link: https://www.econbiz.de/10013033509
We assess the contribution of "undue optimism" (Pigou) to short-run fluctuations. In our analysis, optimism pertains to total factor productivity which determines economic activity in the long run, but is not contemporaneously observed by market participants. In order to recover optimism shocks...
Persistent link: https://www.econbiz.de/10010224834
-run restrictions on a VAR model to disentangle the effects of both shocks. We find that optimism shocks - in line with theory - reduce …
Persistent link: https://www.econbiz.de/10010342128