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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.
Parola chiave: Technology, Skills, Innovation, and Workers Soggetto: O41 - One, Two, and Multisector Growth Models, O31 - Innovation and Invention: Processes and Incentives, and J24 - Human Capital; Skills; Occupational Choice; Labor Productivity
Creator: Jessup, Paul F. and Stolz, Richard W. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 040 Parola chiave: Technology, Minnesota, Banks, Financial services, and Legislative and regulatory policy Soggetto: G21 - Banks; Depository Institutions; Micro Finance Institutions; Mortgages