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Patents as a Measure of Technology Shocks and the Aggregate U.S. Labor Market

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  • Robert J. Rossana

Abstract

In a market-clearing labor market model, cointegration arises between labor services, real wages, and I(1) technology shocks with two cointegrating vectors in the error correction VAR from the market. Using patent data to measure technology shocks, patents are found to be I(1), they are cointegrated with aggregate measures of labor services and real wages, and there are two cointegrating vectors in the estimated VAR as implied by the model. Parameter instability is observed in estimated cointegrating vectors. The model's assumptions and implications are supported in data prior to the formation of the OPEC cartel but not in other subsamples studied. (JEL E24) Copyright 2005, Oxford University Press.

Suggested Citation

  • Robert J. Rossana, 2005. "Patents as a Measure of Technology Shocks and the Aggregate U.S. Labor Market," Economic Inquiry, Western Economic Association International, vol. 43(1), pages 121-137, January.
  • Handle: RePEc:oup:ecinqu:v:43:y:2005:i:1:p:121-137
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    File URL: http://hdl.handle.net/10.1093/ei/cbi009
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    JEL classification:

    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity

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