Skill Biased Technological Change And The Business Cycle
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Skill-biased Technological Change and the Business Cycle
Author | : Almut Balleer |
Publisher | : |
Total Pages | : 0 |
Release | : 2011 |
Genre | : Business cycles |
ISBN | : |
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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 restrictions. Hours fall in response to skill-biased technology shocks, indicating that at least part of the technology-induced fall in total hours is due to a compositional shift in labor demand. Skill-biased technology shocks have no effect on the relative price of investment, suggesting that capital and skill are not complementary in aggregate production.
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