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The Dynamics of Technological Unemployment

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Author Info
Postel-Vinay, F.

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Abstract

This paper investigates and provides a comparison of the short- and long-run effects of technological process on employment. It presents a simple standard model of matching unemployment that captures the negative creative destruction effects of technological change on employment. In the long-run, faster technological change implies faster job obsolescence, which is detrimental to the equilibrium level of employment. But it is also shown to have short-run positive and potentially important effects on employment. The dynamic behavior of employment is thus 'perverse' in some sense, since its long- and short-run adjustments have opposite signs. This is an important feature of the model, since it tends to partially reconcile the 'Schumpeterian' view of the effects of technological change on labor market variables with the observed facts, and in particular with the response of most OECD unemployment rates to the mid 1970s productivity slowdown.

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Publisher Info
Paper provided by UBC Department of Economics in its series UBC Departmental Archives with number 98-20.

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Length: 29 pages
Date of creation: 1998
Date of revision:
Handle: RePEc:ubc:bricol:98-20

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Related research
Keywords: UNEMPLOYMENT ; TECHNOLOGICAL CHANGE ; PRODUCTIVITY;

Other versions of this item:

Find related papers by JEL classification:
E24 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution
J41 - Labor and Demographic Economics - - Particular Labor Markets - - - Labor Contracts
O33 - Economic Development, Technological Change, and Growth - - Technological Change - - - Technological Change: Choices and Consequences; Diffusion Processes

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  1. Hiroaki Miyamoto & Yuya Takahashi, 2009. "Technological Progress, On-the-Job Search, and Unemployment," ISER Discussion Paper 0734, Institute of Social and Economic Research, Osaka University. [Downloadable!]
  2. Fabio Canova & David Lopez-Salido & Claudio Michelacci, 2006. "Schumpeterian Technology Shocks," Economics Working Papers 1012, Department of Economics and Business, Universitat Pompeu Fabra, revised Nov 2007. [Downloadable!]
  3. Andreas Hornstein & Per Krusell & Giovanni L. Violante, 2006. "Technology-policy interaction in frictional labor markets," Working Paper 06-10, Federal Reserve Bank of Richmond. [Downloadable!]
    Other versions:
  4. Maria Gabriela Ladu, 2005. "Total Factor Productivity Growth and Employment: A Simultaneous Equations Model Estimate," Working Paper CRENoS 200506, Centre for North South Economic Research, University of Cagliari and Sassari, Sardinia. [Downloadable!]
  5. Maria Gabriela Ladu, 2005. "Growth and Employment: A survey on the Demand Side of the Labour Market," Working Paper CRENoS 200507, Centre for North South Economic Research, University of Cagliari and Sassari, Sardinia. [Downloadable!]
  6. Thomas B. King, 2005. "Labor productivity and job-market flows: trends, cycles, and correlations," Supervisory Policy Analysis Working Papers 2005-04, Federal Reserve Bank of St. Louis. [Downloadable!]
  7. Pissarides, Christopher & Vallanti, Giovanna, 2005. "The Impact of TFP Growth on Steady-State Unemployment," CEPR Discussion Papers 5002, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:
  8. Martine Carre & David Drouot, 2004. "Pace versus Type: The Effect of Economic Growth on Unemployment and Wage Patterns," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 7(3), pages 737-757, July. [Downloadable!] (restricted)
  9. Mauro Boianovsky & Hans-Michael Trautwein, 2008. "Schumpeter on unemployment," Anais do XXXVI Encontro Nacional de Economia [Proceedings of the 36th Brazilian Economics Meeting] 200807181726240, ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics]. [Downloadable!]
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This page was last updated on 2009-11-27.

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