Technology-Policy Interaction in Frictional Labor Markets
نویسندگان
چکیده
منابع مشابه
Technology-Policy Interaction in Frictional Labor Markets∗
Does capital-embodied technological change play an important role in shaping labor market outcomes? To address this question, we develop a model with vintage capital and search-matching frictions where irreversible investment in new vintages of capital creates heterogeneity in productivity among firms, matched as well as vacant. We demonstrate that capital-embodied technological change reduces ...
متن کاملVintage Capital in Frictional Labor Markets∗
Does capital-embodied technological change play an important role in shaping labor market outcomes? To address this question, we develop a model with vintage capital and search-matching frictions where irreversible investment in new vintages of capital creates heterogeneity in productivity among both vacant and matched firms. We demonstrate that capital-embodied technological change reduces lab...
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The argument behind the first proposition is very general. The argument behind the second proposition is model dependent. It is exactly true in some of the simpler models we use to think about monetary policy, such as the benchmark New-Keynesian model. In that model, there is, as Jordi Gali and I have christened it, a “divine coincidence”: Stabilizing inflation in the face of either taste or te...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2006
ISSN: 1556-5068
DOI: 10.2139/ssrn.2186155