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Technological Progress, Employment and the Lifetime of Capital

In: Sunspots and Non-Linear Dynamics

Author

Listed:
  • Raouf Boucekkine

    (Aix-Marseille University (AMSE and IMéRA), CNRS and EHESS, Institut Universitaire de France)

  • Natali Hritonenko

    (Prairie View A&M University)

  • Yuri Yatsenko

    (Houston Baptist University)

Abstract

We study the impact of technological progress on the level of employment in a vintage capital model where: (i) capital and labor are gross complementary; (ii) labor supply is endogenous and indivisible; (iii) there is full employment, and (iv) the rate of labor-saving technological progress is endogenous. We characterize the stationary distributions of vintage capital goods and the corresponding equilibrium values for employment and capital lifetime. It is shown that both variables are non-monotonic functions of technological progress indicators. Technological accelerations are found to increase employment provided innovations are not too radical.

Suggested Citation

  • Raouf Boucekkine & Natali Hritonenko & Yuri Yatsenko, 2017. "Technological Progress, Employment and the Lifetime of Capital," Studies in Economic Theory, in: Kazuo Nishimura & Alain Venditti & Nicholas C. Yannelis (ed.), Sunspots and Non-Linear Dynamics, chapter 0, pages 305-337, Springer.
    • Handle: RePEc:spr:steccp:978-3-319-44076-7_13
    DOI: 10.1007/978-3-319-44076-7_13
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    JEL classification:

    • C62 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Existence and Stability Conditions of Equilibrium
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • O41 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models

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