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- Publisher Website: 10.1016/j.jmoneco.2018.05.011
- Scopus: eid_2-s2.0-85049641228
- WOS: WOS:000445991900003
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Article: Short-run pain, long-run gain? Recessions and technological transformation
Title | Short-run pain, long-run gain? Recessions and technological transformation |
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Authors | |
Keywords | Human capital investment Job polarization Business cycle Routine-biased technical change Great Recession |
Issue Date | 2018 |
Citation | Journal of Monetary Economics, 2018, v. 97, p. 29-44 How to Cite? |
Abstract | © 2018 Elsevier B.V. Recent empirical evidence suggests that skill-biased technological change accelerated during the Great Recession. We use a neoclassical growth framework to analyze how business cycle fluctuations interact with a long-run transition towards a skill-intensive technology. In the model, the adoption of new technologies by firms and the acquisition of new skills by workers are concentrated in downturns due to low opportunity costs. As a result, shocks lead to deeper recessions, but they also speed up adoption of the new technology. Our calibrated model matches both the long-run downward trend in routine employment and key features of the Great Recession. |
Persistent Identifier | http://hdl.handle.net/10722/286968 |
ISSN | 2023 Impact Factor: 4.3 2023 SCImago Journal Rankings: 6.564 |
ISI Accession Number ID |
DC Field | Value | Language |
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dc.contributor.author | Kopytov, Alexandr | - |
dc.contributor.author | Roussanov, Nikolai | - |
dc.contributor.author | Taschereau-Dumouchel, Mathieu | - |
dc.date.accessioned | 2020-09-07T11:46:09Z | - |
dc.date.available | 2020-09-07T11:46:09Z | - |
dc.date.issued | 2018 | - |
dc.identifier.citation | Journal of Monetary Economics, 2018, v. 97, p. 29-44 | - |
dc.identifier.issn | 0304-3932 | - |
dc.identifier.uri | http://hdl.handle.net/10722/286968 | - |
dc.description.abstract | © 2018 Elsevier B.V. Recent empirical evidence suggests that skill-biased technological change accelerated during the Great Recession. We use a neoclassical growth framework to analyze how business cycle fluctuations interact with a long-run transition towards a skill-intensive technology. In the model, the adoption of new technologies by firms and the acquisition of new skills by workers are concentrated in downturns due to low opportunity costs. As a result, shocks lead to deeper recessions, but they also speed up adoption of the new technology. Our calibrated model matches both the long-run downward trend in routine employment and key features of the Great Recession. | - |
dc.language | eng | - |
dc.relation.ispartof | Journal of Monetary Economics | - |
dc.subject | Human capital investment | - |
dc.subject | Job polarization | - |
dc.subject | Business cycle | - |
dc.subject | Routine-biased technical change | - |
dc.subject | Great Recession | - |
dc.title | Short-run pain, long-run gain? Recessions and technological transformation | - |
dc.type | Article | - |
dc.description.nature | link_to_subscribed_fulltext | - |
dc.identifier.doi | 10.1016/j.jmoneco.2018.05.011 | - |
dc.identifier.scopus | eid_2-s2.0-85049641228 | - |
dc.identifier.volume | 97 | - |
dc.identifier.spage | 29 | - |
dc.identifier.epage | 44 | - |
dc.identifier.isi | WOS:000445991900003 | - |
dc.identifier.issnl | 0304-3932 | - |