Capital-skill complementarity and biased technical change across US sectors
Por favor, use este identificador para citar o enlazar este ítem:
http://hdl.handle.net/10045/110619
Título: | Capital-skill complementarity and biased technical change across US sectors |
---|---|
Autor/es: | Pérez Laborda, Alejandro | Pérez Sebastián, Fidel |
Grupo/s de investigación o GITE: | Análisis Económico |
Centro, Departamento o Servicio: | Universidad de Alicante. Departamento de Fundamentos del Análisis Económico |
Palabras clave: | Capital-skill complementarity | Biased technical change | Skill premium | Labor share | Translog | ICT capital |
Área/s de conocimiento: | Fundamentos del Análisis Económico |
Fecha de publicación: | dic-2020 |
Editor: | Elsevier |
Cita bibliográfica: | Journal of Macroeconomics. 2020, 66: 103255. https://doi.org/10.1016/j.jmacro.2020.103255 |
Resumen: | The goal of this paper is two-fold. First, we reexamine the evidence for the capital-skill complementarity (CSC) and the skill-biased technological change (SBTC) hypotheses at the sectoral level in the US economy for the period 1970–2005. Second, we quantify their effect on the evolution of the wage skill premium. To do so, we estimate a translog model with three production factors (skilled labor, unskilled labor, and capital) for different sets of industry aggregates suggested by the literature. At the aggregated level, we find that both CSC and SBTC explain a substantial part of the observed change in the skill premium. The CSC hypothesis also receives support across sectors, although SBTC often explains a larger part of the premium change. We also find that the relevance of CSC increases with the level of aggregation of the data. Besides, when we disaggregate capital into ICT and non-ICT, our results suggest that often ICT capital is not the primary source of CSC. However, ICT-CSC is the most important driver of the skill premium in specific sectors, such as financial and business services. |
Patrocinador/es: | We would also like to thank the Spanish Ministry of Science and Innovation (under grant PID2019-111208GB-I00) for financial support. |
URI: | http://hdl.handle.net/10045/110619 |
ISSN: | 0164-0704 (Print) | 1873-152X (Online) |
DOI: | 10.1016/j.jmacro.2020.103255 |
Idioma: | eng |
Tipo: | info:eu-repo/semantics/article |
Derechos: | © 2020 Elsevier Inc. |
Revisión científica: | si |
Versión del editor: | https://doi.org/10.1016/j.jmacro.2020.103255 |
Aparece en las colecciones: | INV - Análisis Económico - Artículos de Revistas |
Archivos en este ítem:
Archivo | Descripción | Tamaño | Formato | |
---|---|---|---|---|
Perez-Laborda_Perez-Sebastian_2020_JMacroecon_final.pdf | Versión final (acceso restringido) | 3,05 MB | Adobe PDF | Abrir Solicitar una copia |
Perez-Laborda_Perez-Sebastian_2020_JMacroecon_preprint.pdf | Preprint (acceso abierto) | 403,5 kB | Adobe PDF | Abrir Vista previa |
Todos los documentos en RUA están protegidos por derechos de autor. Algunos derechos reservados.