English, Article, Journal or magazine article edition: Cyclical Skill-Biased Technological Change Almut Balleer; Thijs van Rens

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Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Cyclical Skill-Biased Technological Change
Author
  • Almut Balleer
  • Thijs van Rens
Physical Description
  • preprint
Notes
  • Over the past two decades, technological progress has been biased towards making skilled labor more productive. What does skill-biased technological change imply for business cycles? To answer this ques- tion, we construct a quarterly series for the skill premium from the CPS and use it to identify skill-biased technology shocks in a VAR with long run restrictions. We ¯nd that hours worked fall in response to skill-biased, but not in response to skill-neutral improvements in tech- nology. Skill-biased technology shocks are associated with increases in the relative price of investment, indicating that capital and skill are substitutes in aggregate production.
  • Skill-biased technology, skill premium, VAR, long-run restrictions, capital-skill complementarity, business cycle
  • RePEc:upf:upfgen:1079
Language
  • English
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