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Abstract

Theoretical predictions of the impact of TFP growth on unemployment are ambiguous, and depend on the extent to which new technology is embodied in new jobs. We evaluate a model with embodied and disembodied technology, capitalization, and creative destruction effects by estimating the impact of TFP growth on unemployment in a panel of industrial countries. We find a large negative impact which implies that embodied technology and creative destruction play no role in the steady-state dynamics of unemployment. Capitalization effects explain some of the estimated impact but a part remains unexplained.

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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 5002.

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Date of creation: Apr 2005
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Handle: RePEc:cpr:ceprdp:5002

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Related research

Keywords: capitalization effect; creative destruction; embodied technology; TFP growth; unemployment;

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Find related papers by JEL classification:

• E24 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution
• J64 - Labor and Demographic Economics - - Mobility, Unemployment, and Vacancies - - - Unemployment: Models, Duration, Incidence, and Job Search
• O51 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - U.S.; Canada
• O52 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Europe

This paper has been announced in the following NEP Reports:

• NEP-ALL-2005-06-14 (All new papers)
• NEP-DEV-2005-06-14 (Development)
• NEP-DGE-2005-06-14 (Dynamic General Equilibrium)
• NEP-MAC-2005-06-14 (Macroeconomics)

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1. Postel-Vinay, F., 1998. "The Dynamics of Technological Unemployment," UBC Departmental Archives 98-20, UBC Department of Economics.
   
   • Fabien Postel-Vinay, 2002. "The Dynamics of Technological Unemployment," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 43(3), pages 737-760, August.
2. Robert Shimer, 2005. "The Cyclical Behavior of Equilibrium Unemployment and Vacancies," American Economic Review, American Economic Association, vol. 95(1), pages 25-49, March.

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1. Does productivity growth reduce unemployment?
   by Economic Logician in Economic Logic on 2008-04-16 01:54:00

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