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Schumpeterian Technology Shocks Author info | Abstract | Publisher info | Download info | Related research | Statistics Fabio Canova ()
David Lopez-Salido
Claudio Michelacci
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We analyze the labor market effects of neutral and investment-specific technology shocks along the intensive margin (hours worked) and the extensive margin (unemployment). We characterize the dynamic response of unemployment in terms of the job separation and the job finding rate. Labor market adjustments occur along the extensive margin in response to neutral shocks, along the intensive margin in response to investment specific shocks. The job separation rate accounts for a major portion of the impact response of unemployment. Neutral shocks prompt a contemporaneous increase in unemployment because of a sharp rise in the separation rate. This is prolonged by a persistent fall in the job finding rate. Investment specific shocks rise employment and hours worked. Neutral shocks explain a substantial portion of the volatility of unemployment and output; investment specific shocks mainly explain hours worked volatility. This suggests that neutral progress is consistent with Schumpeterian creative destruction, while investment-specific progress operates as in a neoclassical growth model.
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Paper provided by Department of Economics and Business, Universitat Pompeu Fabra in its series Economics Working Papers with number
1012.
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Date of creation: May 2006Date of revision:
Nov 2007Handle: RePEc:upf:upfgen:1012Contact details of provider: Web page: http://www.econ.upf.edu/
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Keywords: Search frictions ; technological progress ; creative destruction ; Find related papers by JEL classification: E00 - Macroeconomics and Monetary Economics - - General - - - General J60 - Labor and Demographic Economics - - Mobility, Unemployment, and Vacancies - - - General O33 - Economic Development, Technological Change, and Growth - - Technological Change - - - Technological Change: Choices and Consequences; Diffusion Processes
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references Cited by : (explanations , Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.)
Federico S. Mandelman & Francesco Zanetti, 2008.
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2008-10, Federal Reserve Bank of Atlanta.
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