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The Impact of TFP Growth on Steady-State Unemployment

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  • Pissarides, Christopher
  • Vallanti, Giovanna

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

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  1. Robert Shimer, 2005. "The Cyclical Behavior of Equilibrium Unemployment and Vacancies," American Economic Review, American Economic Association, vol. 95(1), pages 25-49, March.
  2. 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.
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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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