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Technological Learning and Labor Market Dynamics / Martin Gervais, Nir Jaimovich, Henry E. Siu, Yaniv Yedid-Levi.
- Format:
- Book
- Author/Creator:
- Gervais, Martin.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w19767.
- NBER working paper series no. w19767
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2013.
- Summary:
- The search-and-matching model of the labor market fails to match two important business cycle facts: (i) a high volatility of unemployment relative to labor productivity, and (ii) a mild correlation between these two variables. We address these shortcomings by focusing on technological learning-by-doing: the notion that it takes workers time using a technology before reaching their full productive potential with it. We consider a novel source of business cycles, namely, fluctuations in the speed of technological learning and show that a search-and-matching model featuring such shocks can account for both facts. Moreover, our model provides a new interpretation of recently discussed "news shocks."
- Notes:
- Print version record
- December 2013.
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