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http://hdl.handle.net/10419/35558
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| Title: | | Cyclical skill-biased technological change  |
| Authors: | | Balleer, Almut van Rens, Thijs |
| Issue Date: | | 2009 |
| Series/Report no.: | | IZA Discussion Papers 4258 |
| Abstract: | | Over the past two decades, technological progress has been biased towards making skilled labor more productive. What does skill-biased technological change imply for business cycles? To answer this question, we construct a quarterly series for the skill premium from the CPS and use it to identify skill-biased technology shocks in a VAR with long run restrictions. We find that hours worked fall in response to skill-biased, but not in response to skill-neutral improvements in technology. Skill-biased technology shocks are associated with increases in the relative price of investment, indicating that capital and skill are substitutes in aggregate production. |
| Subjects: | | Skill-biased technology skill premium VAR long-run restrictions capital-skill complementarity business cycle |
| JEL: | | E24 E32 J24 J31 |
| Persistent Identifier of the first edition: | | urn:nbn:de:101:1-20090720265 |
| Document Type: | | Working Paper |
| Appears in Collections: | | IZA Discussion Papers, Forschungsinstitut zur Zukunft der Arbeit (IZA)
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