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Title:Skill-biased technological change and the business cycle PDF Logo
Authors:Balleer, Almut
Van Rens, Thijs
Issue Date:2012
Series/Report no.:Kiel Working Papers 1775
Abstract: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. Investment-specific technology shocks reduce the skill premium, indicating that capital and skill are not complementary in aggregate production.
Subjects:skill-biased technology
skill premium
VAR
long-run restrictions
capital-skill complementarity
business cycle
JEL:E24
E32
J24
J31
Document Type:Working Paper
Appears in Collections:Kieler Arbeitspapiere, IfW
Publikationen von Forscherinnen und Forschern des IfW

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