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Creator: Chari, V. V., Kehoe, Patrick J., and McGrattan, Ellen R. Series: Joint committee on business and financial analysis Abstract: This paper proposes a simple method for guiding researchers in developing quantitative models of economic fluctuations. We show that a large class of models, including models with various frictions, are equivalent to a prototype growth model with time varying wedges that, at least on face value, look like time-varying productivity, labor taxes, and capital income taxes. We label the time varying wedges as efficiency wedges, labor wedges, and investment wedges. We use data to measure these wedges and then feed them back into the prototype growth model. We then assess the fraction of fluctuations accounted for by these wedges during the great depressions of the 1930s in the United States, Germany, and Canada. We find that the efficiency and labor wedges in combination account for essentially all of the declines and subsequent recoveries. Investment wedge plays at best a minor role.
Palabra clave: Business cycle, Cycle, Economic fluctuations, Fluctuation, and Growth Tema: O41 - One, Two, and Multisector Growth Models, O47 - Economic growth and aggregate productivity - Measurement of economic growth ; Aggregate productivity ; Cross-country output convergence, and E32 - Prices, business fluctuations, and cycles - Business fluctuations ; Cycles -
Creator: Chari, V. V. and Hopenhayn, Hugo Andres Series: Models of economic growth and development Abstract: We present a model of vintage human capital. The economy exhibits exogenous deterministic technological change. Technology requires skills that are specific to the vintage. A stationary competitive equilibrium is defined and shown to exist and be unique, as well as Pareto optimal. The stationary equilibrium is characterized by an endogenous distribution of skilled workers across vintages. The distribution is shown to be single peaked, and under general conditions there is a lag between the time when a technology appears and the peak of its usage, what is known as diffusion. An increase in the rate of exogenous technological charge shirts the distribution of human capital to more recent vintages and increases the relative wage of the unskilled workers in each vintage.
Tema: O41 - One, Two, and Multisector Growth Models, J24 - Human Capital; Skills; Occupational Choice; Labor Productivity, and O31 - Innovation and Invention: Processes and Incentives -
Creator: Chari, V. V. and Hopenhayn, Hugo Andres Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 375 Abstract: This paper develops a model of vintage human capital in which each technology requires vintage specific skills. We examine the properties of a stationary equilibrium for our economy. The stationary equilibrium is characterized by an endogenous distribution of skilled workers across vintages. The distribution is shown to be single peaked and, under general conditions, there is a lag between the time when a technology appears and the peak of it's usage, a phenomenon known as diffusion. An increase in the rate of exogenous technological change shifts the distribution of human capital to more recent vintages thereby increasing the diffusion rate.
Palabra clave: Technology, Skills, Innovation, and Workers Tema: O41 - One, Two, and Multisector Growth Models, O31 - Innovation and Invention: Processes and Incentives, and J24 - Human Capital; Skills; Occupational Choice; Labor Productivity -
Creator: Chari, V. V. and Hopenhayn, Hugo Andres Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 327 Abstract: We present a model of vintage human capital. The economy exhibits exogenous deterministic technological change. Technology requires skills that are specific to the vintage. A stationary competitive equilibrium is defined and shown to exist and be unique, as well as Pareto optimal. The stationary equilibrium is characterized by an endogenous distribution of skilled workers across vintages. The distribution is shown to be single peaked and there is diffusion of technology in the sense that there is a lag between the time when a technology appears and the peak of its usage. An increase in the rate of exogenous technological change shifts the distribution of human capital to more recent vintages and increases the relative wage of the unskilled workers in each vintage.
Palabra clave: Technology, Skills, Innovation, and Workers Tema: O41 - One, Two, and Multisector Growth Models, O31 - Innovation and Invention: Processes and Incentives, and J24 - Human Capital; Skills; Occupational Choice; Labor Productivity -
Creator: Chari, V. V. and Hopenhayn, Hugo Andres Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 375 Abstract: This paper develops a model of vintage human capital in which each technology requires vintage specific skills. We examine the properties of a stationary equilibrium for our economy. The stationary equilibrium is characterized by an endogenous distribution of skilled workers across vintages. The distribution is shown to be single peaked and, under general conditions, there is a lag between the time when a technology appears and the peak of it's usage, a phenomenon known as diffusion. An increase in the rate of exogenous technological change shifts the distribution of human capital to more recent vintages thereby increasing the diffusion rate.
Palabra clave: Technology, Skills, Innovation, and Workers Tema: O41 - One, Two, and Multisector Growth Models, O31 - Innovation and Invention: Processes and Incentives, and J24 - Human Capital; Skills; Occupational Choice; Labor Productivity -
Creator: Chari, V. V. and Hopenhayn, Hugo Andres Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 327 Abstract: We present a model of vintage human capital. The economy exhibits exogenous deterministic technological change. Technology requires skills that are specific to the vintage. A stationary competitive equilibrium is defined and shown to exist and be unique, as well as Pareto optimal. The stationary equilibrium is characterized by an endogenous distribution of skilled workers across vintages. The distribution is shown to be single peaked and there is diffusion of technology in the sense that there is a lag between the time when a technology appears and the peak of its usage. An increase in the rate of exogenous technological change shifts the distribution of human capital to more recent vintages and increases the relative wage of the unskilled workers in each vintage.
Palabra clave: Technology, Skills, Innovation, and Workers Tema: O41 - One, Two, and Multisector Growth Models, O31 - Innovation and Invention: Processes and Incentives, and J24 - Human Capital; Skills; Occupational Choice; Labor Productivity