Index Catalog // Research Database

Vintage human capital, growth, and structural unemployment

Alpha Creator Tesim:: Chari, V. V. and Hopenhayn, Hugo Andres.
Series:: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.)
Number:: 326
Abstract Tesim:: 'Structural unemployment' is said to occur in regions or 'sectors' of the economy as a consequence of technological changes. In this paper we present a model which provides an environment which gives rise to unemployment which could be labelled structural unemployment. There is exogenous technological change and vintage specific human capital. Unemployment arises as workers specialized in a particular technology within a vintage decide to search for a job within their vintage, so that their previously acquired special skills are used, instead of getting employed as unskilled workers in the newest vintage. As the rate of technological change increases, the incentives to reassign specialized workers to their same vintage, inccuring therefore in search costs, becomes less attractive, and in consequence the fraction of specialized workers doing search activities decreases. This provides some rationale for the negative correlation between rates of growth and unemployment observed in the data.
Palabra clave:: Unemployment, Vintage human capital, Technology, Structural unemployment, Skills, Growth, Labor market, and Human capital
Tema:: E24 - Macroeconomics : Consumption, saving, production, employment, and investment - Employment ; Unemployment ; Wages ; Intergenerational income distribution ; Aggregate human capital and J24 - Demand and supply of labor - Human capital ; Skills ; Occupational choice ; Labor productivity

Notes on human capital, growth, and unemployment

Alpha Creator Tesim:: Chari, V. V., Hopenhayn, Hugo Andres., and Prescott, Edward C.
Series:: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.)
Number:: 289
Palabra clave:: Employees, Unemployment, Workers, Information, and Labor
Tema:: E24 - Macroeconomics : Consumption, saving, production, employment, and investment - Employment ; Unemployment ; Wages ; Intergenerational income distribution ; Aggregate human capital and J24 - Demand and supply of labor - Human capital ; Skills ; Occupational choice ; Labor productivity

Equilibrium model of quits under optimal contracting, an

Alpha Creator Tesim:: Kahn, Charles M.
Series:: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.)
Number:: 266
Abstract Tesim:: In this article we use the techniques developed in examining optimal contracting with imperfect information to build a simple equilibrium model of a labor market with imperfect information. We then use the model to examine the effects that imperfect information imposes on labor markets, particularly when compared with full information and noncontractual base lines. We demonstrate that quits increase in periods of high output, without postulating exogenous price rigidity.
Palabra clave:: Quitter, Job change, Information, Job search, Spot markets, and Employment
Tema:: D80 - Information, knowledge, and uncertainty - General and J24 - Demand and supply of labor - Human capital ; Skills ; Occupational choice ; Labor productivity

Searching for investment opportunities : a micro foundation

Alpha Creator Tesim:: Bental, Benjamin. and Peled, Dan.
Series:: Economic growth and development
Palabra clave:: Investments, Technology, Production, Capital, and Labor market
Tema:: D24 - Production and organizations - Production ; Cost ; Capital and total factor productivity ; Capacity and J24 - Demand and supply of labor - Human capital ; Skills ; Occupational choice ; Labor productivity

Vintage human capital, growth, and the diffusion of new technology

Alpha Creator Tesim:: Chari, V. V. and Hopenhayn, Hugo Andres.
Series:: Models of economic growth and development
Abstract Tesim:: 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:: J24 - Demand and supply of labor - Human capital ; Skills ; Occupational choice ; Labor productivity, O41 - One, Two, and Multisector Growth Models, and O31 - Technological change ; Research and development - Innovation and invention : Processes and incentives

Vintage human capital, growth, and diffusion of new technology

Alpha Creator Tesim:: Chari, V. V. and Hopenhayn, Hugo Andres.
Series:: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.)
Number:: 375
Abstract Tesim:: 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:: Workers, Technology, Skills, and Innovation
Tema:: O41 - One, Two, and Multisector Growth Models, O31 - Technological change ; Research and development - Innovation and invention : Processes and incentives, and J24 - Demand and supply of labor - Human capital ; Skills ; Occupational choice ; Labor productivity

Vintage human capital and the diffusion of new technology

Alpha Creator Tesim:: Chari, V. V. and Hopenhayn, Hugo Andres.
Series:: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.)
Number:: 327
Abstract Tesim:: 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:: Workers, Technology, Skills, and Innovation
Tema:: O41 - One, Two, and Multisector Growth Models, O31 - Technological change ; Research and development - Innovation and invention : Processes and incentives, and J24 - Demand and supply of labor - Human capital ; Skills ; Occupational choice ; Labor productivity

Vintage human capital, growth, and diffusion of new technology

Alpha Creator Tesim:: Chari, V. V. and Hopenhayn, Hugo Andres.
Series:: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.)
Number:: 375
Abstract Tesim:: 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:: Workers, Technology, Skills, and Innovation
Tema:: O41 - One, Two, and Multisector Growth Models, O31 - Technological change ; Research and development - Innovation and invention : Processes and incentives, and J24 - Demand and supply of labor - Human capital ; Skills ; Occupational choice ; Labor productivity

Vintage human capital and the diffusion of new technology

Alpha Creator Tesim:: Chari, V. V. and Hopenhayn, Hugo Andres.
Series:: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.)
Number:: 327
Abstract Tesim:: 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:: Workers, Technology, Skills, and Innovation
Tema:: O41 - One, Two, and Multisector Growth Models, O31 - Technological change ; Research and development - Innovation and invention : Processes and incentives, and J24 - Demand and supply of labor - Human capital ; Skills ; Occupational choice ; Labor productivity