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- W1488269849 abstract "Using a two-sector model of production with potentially different capital sharesin each sector, I show that the evolution of the skill premium from 1970 to 2005is consistent with skill-neutrality and even a mild unskill-bias of technologicalchange for plausible values of capital shares. The main channel of adjustment tochanges in labor supply is instead via the reallocation of capital. New investmentoccurs predominantly in the skilled sector, to the detriment of the unskilled sectorof the economy. This result is shown both theoretically in a simple model and ina quantitative exercise using data on the US economy.Repeating the exercise with industry level data for the US reveals that therehas indeed been skill-biased technological change in a number of industries (suchas Business Activities and Health), while others have experienced skill neutraland unskill-biased technological change (e.g. Agriculture). This difference inresults across industries is largely due to very different capital shares.Finally, I look at the impact of the increasing importance of information andcommunication technology (ICT) on the production function and the skill premium in each industry. I estimate a translog price function with skilled and unskilled labor, ICT capital and non-ICT capital as factors of production and findthat most industries exhibit ICT capital-skill complementarity. For most industries, technological progress has led to an increased use of both types of capital,but the results on skill-biased technological change are as mixed as in chaptertwo. ICT has affected the skill premium negatively in nearly two thirds of theindustries studied." @default.
- W1488269849 created "2016-06-24" @default.
- W1488269849 creator A5081431740 @default.
- W1488269849 date "2013-11-06" @default.
- W1488269849 modified "2023-09-27" @default.
- W1488269849 title "Essays on the skill premium and the skill bias of technological change" @default.
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