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Wage Inequality, R&D Labor and R&D Productivity

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  • Toshihiro Okada

    ()
    (School of Economics, Kwansei Gakuin University)

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    Abstract

    This paper examines the transitional dynamics of an R&D-based endogenous growth model with heterogeneous labor and explains the post-war comovement of three variables in the U.S. economy: the skill premium, the share of labor devoted to R&D and the growth rate of labor productivity. This paper provides a complete dynamic analysis of the model. We argue that the changing distribution of high skilled workers between sectors may have played an important role in explaining the U.S. skill premium movement, and we show that the transitional dynamics initiated by the structural change (possibly the decrease in R&D productivity in the late 1960s) can explain the comovement of the three variables.

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    File URL: http://www.accessecon.com/Pubs/EB/2012/Volume32/EB-12-V32-I4-P291.pdf
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    Bibliographic Info

    Article provided by AccessEcon in its journal Economics Bulletin.

    Volume (Year): 32 (2012)
    Issue (Month): 4 ()
    Pages: 3036-3052

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    Handle: RePEc:ebl:ecbull:eb-12-00551

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    Related research

    Keywords: R&D; Endogenous Growth Models; Skill Premium and Transitional Dynamics;

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    References

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    1. Acemoglu, Daron, 1997. "Why Do New Technologies Complement Skills? Directed Technical Change and Wage Inequality," CEPR Discussion Papers 1707, C.E.P.R. Discussion Papers.
    2. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
    3. Perron, P., 1994. "Further Evidence on Breaking Trend Functions in Macroeconomic Variables," Cahiers de recherche 9421, Universite de Montreal, Departement de sciences economiques.
    4. Afonso, Oscar, 2008. "The impact of government intervention on wage inequality without scale effects," Economic Modelling, Elsevier, vol. 25(2), pages 351-362, March.
    5. Francesco Caselli & Wilbur John Coleman II, 2006. "The World Technology Frontier," American Economic Review, American Economic Association, vol. 96(3), pages 499-522, June.
    6. Charles I. Jones, 2002. "Sources of U.S. Economic Growth in a World of Ideas," American Economic Review, American Economic Association, vol. 92(1), pages 220-239, March.
    7. Oscar Afonso, 2006. "Skill-biased technological knowledge without scale effects," Applied Economics, Taylor & Francis Journals, vol. 38(1), pages 13-21.
    8. David H. Autor & Lawrence F. Katz & Melissa S. Kearney, 2008. "Trends in U.S. Wage Inequality: Revising the Revisionists," The Review of Economics and Statistics, MIT Press, vol. 90(2), pages 300-323, May.
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