The impact of TFP growth on steady-state unemployment

• 成果类型: Article
• 署名作者: Pissarides, Christopher A.; Vallanti, Giovanna
• 署名单位: University of London; London School Economics & Political Science
• 刊物名称: INTERNATIONAL ECONOMIC REVIEW
• ISSN/ISSBN: 0020-6598
• DOI: 10.1111/j.1468-2354.2007.00439.x
• 发表日期: 2007
• 页码: 607-640
• 关键词: job creation

摘要

Theoretical predictions of the impact of total factor productivity (TFP) growth on unemployment are ambiguous, and depend on the extent to which new technology is embodied in new jobs. We evaluate a model with embodied and disembodied technology, capitalization, and creative destruction effects. In econometric estimates with a panel of industrial countries we find a large negative impact of TFP growth on unemployment, which implies that embodied technology and creative destruction play no role in the steady-state dynamics of unemployment. Capitalization effects explain some of the estimated impact but a part remains unexplained.