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Overhead Labour and Skill-Biased Technological Change: The Role of Product Diversification 间接劳动与技能偏向的技术变革:产品多样化的作用
IRPN: Innovation & Macroeconomics (Topic) Pub Date : 2019-04-08 DOI: 10.2139/ssrn.3367933
Choong-Hyun Nam
{"title":"Overhead Labour and Skill-Biased Technological Change: The Role of Product Diversification","authors":"Choong-Hyun Nam","doi":"10.2139/ssrn.3367933","DOIUrl":"https://doi.org/10.2139/ssrn.3367933","url":null,"abstract":"Most of the literature on skill-biased technological change views both skilled and unskilled labour as variable inputs. In contrast, this study focuses on the role of skilled workers comprising overhead labour in the recent increase in skill demand. The first chapter focuses on the aggregate shift in skill demand, while succeeding chapters focus on the heterogeneity of this demand across firms. \u0000 \u0000In the first chapter, I argue that the transition from Ford-style mass production toward mass customization in the 1980s may be responsible for the increase in skill demand since introducing new goods requires fixed labour input, which is biased towards skilled workers. I present a dynamic general equilibrium model, which explains both the rapid growth in skill demand since the 1980s and the recent puzzling slowdown since the late 1990s. However, as the ratio of fixed to variable inputs cannot increase indefinfinitely, my model also predicts that the growth in skill demand will slow down in the long run. \u0000 \u0000In the second chapter, using UK manufacturing data, I show that the employment share of non-production workers is positively correlated with firm size but negatively correlated with the latter over time. I argue that this serves as evidence for the existence of (partially) fixed skilled labour, with the premise being that firms with larger fixed input are both larger in size and have a higher share of non-production workers. However, short-run output expansion only increases variable labour, and therefore it decreases the employment share of non-production workers. \u0000 \u0000In the third chapter, I present a second piece of evidence in support of the main thesis of this dissertation. I show that exiting firms as well as entering firms have a higher share of non-production workers in UK manufacturing industries. This phenomenon is rather puzzling as exiting firms have lower labour productivity, but nevertheless the finding presents itself as being consistent with the contention of this study that skilled workers constitute an overhead labour input.","PeriodicalId":287196,"journal":{"name":"IRPN: Innovation & Macroeconomics (Topic)","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-04-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134390231","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Technology, Inequality, and Aggregate Demand 技术、不平等和总需求
IRPN: Innovation & Macroeconomics (Topic) Pub Date : 2019-02-12 DOI: 10.2139/ssrn.3332993
Shinnosuke Kikuchi
{"title":"Technology, Inequality, and Aggregate Demand","authors":"Shinnosuke Kikuchi","doi":"10.2139/ssrn.3332993","DOIUrl":"https://doi.org/10.2139/ssrn.3332993","url":null,"abstract":"What is the macroeconomic implications of inequality caused by technological progress? Using a standard over-lapping-generations model with skill heterogeneity and the Roy-type occupational choice, this paper examines how routine-biased technological change impacts income distribution and aggregate demand. It finds that the relatively rapid labor productivity increase in the manufacturing sector compared to the service sector can explain job and wage polarization and about two-thirds of the decline in the real interest rate in the US from the 1980's to 2010's. It also documents the potential contribution of that biased technological change to the stagnation of aggregate output.","PeriodicalId":287196,"journal":{"name":"IRPN: Innovation & Macroeconomics (Topic)","volume":"101 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-02-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"113978670","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Medium Frequency Cycles, Global Imbalances, and the Puzzles of Open Economy Macroeconomics. 中频周期、全球失衡与开放经济宏观经济学的困惑。
IRPN: Innovation & Macroeconomics (Topic) Pub Date : 2017-04-28 DOI: 10.2139/ssrn.2966049
T. Holden
{"title":"Medium Frequency Cycles, Global Imbalances, and the Puzzles of Open Economy Macroeconomics.","authors":"T. Holden","doi":"10.2139/ssrn.2966049","DOIUrl":"https://doi.org/10.2139/ssrn.2966049","url":null,"abstract":"This paper examines the ability of the endogenous growth and medium frequency cycle model of Holden (2016) to explain global imbalances and the puzzles of open economy macroeconomics. The model features complete international financial markets, and intrinsically multi-national R&D, yet is still able to get persistent movements in country-specific variables, including positive correlation between prices and consumption following some shocks. Key to the model’s mechanism is the complementarity between capital (including human capital) and embodied technology, which captures the necessity of investment and training before new technologies may be adopted. The crucial role played by capital in the model’s transmission mechanism gives an important role to financial disturbances and financial frictions, which we model in an original parsimonious form. We also introduce a novel production function that allows for short run non-unitary elasticities of substitution, while being consistent with balanced growth even when factors grow at differing rates.","PeriodicalId":287196,"journal":{"name":"IRPN: Innovation & Macroeconomics (Topic)","volume":"59 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-04-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131001488","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The Macroeconomics of Central Bank Issued Digital Currencies 央行发行数字货币的宏观经济学
IRPN: Innovation & Macroeconomics (Topic) Pub Date : 2016-07-18 DOI: 10.2139/SSRN.2811208
John Barrdear, Michael Kumhof
{"title":"The Macroeconomics of Central Bank Issued Digital Currencies","authors":"John Barrdear, Michael Kumhof","doi":"10.2139/SSRN.2811208","DOIUrl":"https://doi.org/10.2139/SSRN.2811208","url":null,"abstract":"We study the macroeconomic consequences of issuing central bank digital currency (CBDC) — a universally accessible and interest-bearing central bank liability, implemented via distributed ledgers, that competes with bank deposits as medium of exchange. In a DSGE model calibrated to match the pre-crisis United States, we find that CBDC issuance of 30% of GDP, against government bonds, could permanently raise GDP by as much as 3%, due to reductions in real interest rates, distortionary taxes, and monetary transaction costs. Countercyclical CBDC price or quantity rules, as a second monetary policy instrument, could substantially improve the central bank’s ability to stabilise the business cycle.","PeriodicalId":287196,"journal":{"name":"IRPN: Innovation & Macroeconomics (Topic)","volume":"171 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-07-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123117256","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 254
Short- and Long-Run Tradeoff Monetary Easing 货币宽松的短期和长期权衡
IRPN: Innovation & Macroeconomics (Topic) Pub Date : 2015-11-01 DOI: 10.2139/ssrn.2694859
Koki Oikawa, Kōzō Ueda
{"title":"Short- and Long-Run Tradeoff Monetary Easing","authors":"Koki Oikawa, Kōzō Ueda","doi":"10.2139/ssrn.2694859","DOIUrl":"https://doi.org/10.2139/ssrn.2694859","url":null,"abstract":"In this study, we illustrate a tradeoff between the short-run positive and long-run negative effects of monetary easing by using a dynamic stochastic general equilibrium model embedding endogenous growth with creative destruction and sticky prices due to menu costs. While a monetary easing shock increases the level of consumption because of price stickiness, it lowers the frequency of creative destruction (i.e., product substitution) because inflation reduces the reward for innovation via menu cost payments. The model calibrated to the U.S. economy suggests that the adverse effect dominates in the long run.","PeriodicalId":287196,"journal":{"name":"IRPN: Innovation & Macroeconomics (Topic)","volume":"98 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123244245","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Product Innovation and Macroeconomic Dynamics 产品创新与宏观经济动态
IRPN: Innovation & Macroeconomics (Topic) Pub Date : 2015-10-14 DOI: 10.2139/ssrn.2674439
Christophre Georges
{"title":"Product Innovation and Macroeconomic Dynamics","authors":"Christophre Georges","doi":"10.2139/ssrn.2674439","DOIUrl":"https://doi.org/10.2139/ssrn.2674439","url":null,"abstract":"We develop an agent-based macroeconomic model in which product innovation is the fundamental driver of growth and business cycle fluctuations. The model builds on a hedonic approach to the product space and product innovation developed in Georges (2011).","PeriodicalId":287196,"journal":{"name":"IRPN: Innovation & Macroeconomics (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-10-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130689121","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 3
Investigation into the Market Viability of Bitcoin: Measuring the Digital Currency's Speculative Nature 比特币市场可行性调查:衡量数字货币的投机性质
IRPN: Innovation & Macroeconomics (Topic) Pub Date : 2015-04-28 DOI: 10.2139/ssrn.2599953
Yunyoung Hur, Seongmin Jeon, Byungjoon Yoo
{"title":"Investigation into the Market Viability of Bitcoin: Measuring the Digital Currency's Speculative Nature","authors":"Yunyoung Hur, Seongmin Jeon, Byungjoon Yoo","doi":"10.2139/ssrn.2599953","DOIUrl":"https://doi.org/10.2139/ssrn.2599953","url":null,"abstract":"Among the recent attempts at developing a stable electronic payment system, Bitcoin is one of the few that shows actual progress in establishing its status as real money. Despite the progress it is making, due to inherent price volatility and instability, Bitcoin is still considered as more of a speculative vehicle than a currency. The purpose of this paper is to determine the extent to which Bitcoin market is dominated by speculative investments. The paper studies arbitrage opportunities in Bitcoin and how the trading volume and the price of Bitcoin react to them. The results of the empirical analysis show the existence of a positive relationship between the arbitrage opportunities and both the Bitcoin trading volume and the Bitcoin price. The findings of the study contribute to the literature on the economic viability of Bitcoin and provide a base ground for discouraging short-term investors.","PeriodicalId":287196,"journal":{"name":"IRPN: Innovation & Macroeconomics (Topic)","volume":"79 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-04-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128357852","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Вектор Инновационного Развития в Условиях Кризиса (Vector of Innovative Development in the Wake of the Crisis) ВекторИнновационногоРазвитиявУсловияхКризиса(向量的创新开发后的危机)
IRPN: Innovation & Macroeconomics (Topic) Pub Date : 2014-06-18 DOI: 10.2139/SSRN.2456170
V. Barinova
{"title":"Вектор Инновационного Развития в Условиях Кризиса (Vector of Innovative Development in the Wake of the Crisis)","authors":"V. Barinova","doi":"10.2139/SSRN.2456170","DOIUrl":"https://doi.org/10.2139/SSRN.2456170","url":null,"abstract":"Russian Abstract: В статье анализируется возможность перехода экономики России на инновационный путь развития в условиях мирового финансового кризиса. Рассматриваются ограничения, которые накладываются на экономику, и анализируется возможность продолжения проведения политики по построению инновационной экономики. Предложены несколько способов выбора приоритетных направлений развития, сделаны выводы относительно достоинств и недостатков каждого. Сформулирована оптимальная стратегия. English Abstract: The article considers the possibility to foster innovations in Russia against the background of the global financial crisis. The author analyses the reasonability to continue pursuing the innovations stimulating policy with current economic restrictions. Several ways of prioritizing the Russia’s development course are proposed and analyzed, one of them the author proposes as the optimal strategy.","PeriodicalId":287196,"journal":{"name":"IRPN: Innovation & Macroeconomics (Topic)","volume":"56 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-06-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114343767","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Financial Innovations, Money Demand, and the Welfare Cost of Inflation 金融创新、货币需求与通货膨胀的福利成本
IRPN: Innovation & Macroeconomics (Topic) Pub Date : 2014-01-01 DOI: 10.2139/ssrn.2383346
Aleksander Berentsen, Samuel Huber, Alessandro Marchesiani
{"title":"Financial Innovations, Money Demand, and the Welfare Cost of Inflation","authors":"Aleksander Berentsen, Samuel Huber, Alessandro Marchesiani","doi":"10.2139/ssrn.2383346","DOIUrl":"https://doi.org/10.2139/ssrn.2383346","url":null,"abstract":"In the 1990s, the empirical relation between money demand and interest rates began to fall apart. We analyze to what extent improved access to money markets can explain this break-down. For this purpose, we construct a microfounded monetary model with a money market, which provides insurance against liquidity shocks by offering short-term loans and by paying interest on money market deposits. We calibrate the model to U.S. data and find that improved access to money markets can explain the behavior of money demand very well. Furthermore, we show that, by allocating money more efficiently, better access to money markets decrease the welfare cost of inflation substantially.","PeriodicalId":287196,"journal":{"name":"IRPN: Innovation & Macroeconomics (Topic)","volume":"31 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115419821","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 19
Skills Gap: The Timing of Technical Change 技能差距:技术变革的时机
IRPN: Innovation & Macroeconomics (Topic) Pub Date : 2013-06-16 DOI: 10.2139/ssrn.2280105
Ziemowit Bednarek
{"title":"Skills Gap: The Timing of Technical Change","authors":"Ziemowit Bednarek","doi":"10.2139/ssrn.2280105","DOIUrl":"https://doi.org/10.2139/ssrn.2280105","url":null,"abstract":"This paper generalizes the business cycle model in Jovanovic (2006) along two important and meaningful dimensions: i) more general utility function; ii) more realistic distribution properties of the productivity shocks. Unlike the original model, I assume the power utility function of the representative agent, and a non-zero expected value of the distribution of the shocks. I include the non-zero expected value of the productivity shocks to account for the skill-biased nature of the technical change in the post-war period. The model implies an endogenous time-varying technical change as an optimal investment policy, consistent with the data.","PeriodicalId":287196,"journal":{"name":"IRPN: Innovation & Macroeconomics (Topic)","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-06-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133289329","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 3
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