Micro Data and Macro Technology
Ezra Oberfield,Devesh Raval +1 more
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This article studied the implications of microeconomic heterogeneity for aggregate technology, showing that the aggregate elasticity of substitution between capital and labor can be expressed as a simple function of plant level structural parameters and sufficient statistics for plant heterogeneity.Abstract:
We study the implications of microeconomic heterogeneity for aggregate technology, showing that the aggregate elasticity of substitution between capital and labor can be expressed as a simple function of plant level structural parameters and sufficient statistics for plant heterogeneity This allows for a new approach to estimating the aggregate elasticity using microeconomic data and allows us to examine how the aggregate elasticity varies over time or across countries We then use plant level data from the Census of Manufactures to construct an aggregate elasticity of substitution for the manufacturing sector, and estimate an aggregate elasticity of approximately 072 in 1987 We find that the aggregate elasticity has risen over time in the US and is higher in less developed countries These differences are quantitatively important; our estimates imply that a change in the interest rate has a 50 percent larger impact on India than the US Finally, we measure the bias of aggregate technical change using our estimates of the aggregate elasticity, and find that the bias of technical change has increased in recent yearsread more
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Robots and Jobs: Evidence from US Labor Markets
Daron Acemoglu,Pascual Restrepo +1 more
TL;DR: In this paper, the authors analyzed the effect of the increase in industrial robot usage between 1990 and 2007 on US local labor markets, and showed that robots may reduce employment and wages, and that the local labor market effects of robots can be estimated by regressing the change in employment and wage on the exposure to robots in each local labour market, defined from the national penetration of robots into each industry and the local distribution of employment across industries.
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The Fall of the Labor Share and the Rise of Superstar Firms
TL;DR: In this paper, the authors analyzed micro panel data from the U.S. Economic Census since 1982 and international sources and document empirical patterns to assess a new interpretation of the fall in the labor share based on the rise of "superstar firms."
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Automation and New Tasks: How Technology Displaces and Reinstates Labor
Daron Acemoglu,Pascual Restrepo +1 more
TL;DR: In this article, the authors present a framework for understanding the effects of automation and other types of technological changes on labor demand, and use it to interpret changes in US employment over the recent past.
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The Race between Machine and Man: Implications of Technology for Growth, Factor Shares and Employment
TL;DR: In this paper, a task-based framework is proposed to characterize the equilibrium in a dynamic setting where tasks previously performed by labor can be automated and more complex versions of existing tasks, in which labor has a comparative advantage, can be created.
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Supply Chain Disruptions: Evidence from the Great East Japan Earthquake
TL;DR: In this article, the authors quantified the spillover effect of exogenous shocks such as earthquakes on other firms through the supply chain network and examined firms' sales growth and transaction relationships outside the tsunami-hit areas before and after the Great East Japan Earthquake.
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Staggered prices in a utility-maximizing framework
TL;DR: In this article, the authors developed a model of staggered prices along the lines of Phelps (1978) and Taylor (1979, 1980), but utilizing an analytically more tractable price-setting technology.
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About Capital in the Twenty-First Century
TL;DR: In this article, the authors present three key facts about income and wealth inequality in the long run emerging from my book, Capital in the Twenty-First Century, and seek to sharpen and refocus the discussion about those trends.
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The Dynamics Of Productivity In The Telecommunications Equipment Industry
George S Olley,Ariel Pakes +1 more
TL;DR: In this article, the authors developed an estimation algorithm that takes into account the relationship between productivity on the one hand, and both input demand and survival on the other, guided by a dynamic equilibrium model that generates the exit and input demand equations needed to correct for the simultaneity and selection problems.
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Wages, Rents, and the Quality of Life
TL;DR: In this paper, the role of wages and rents in allocating workers to locations with various quantities of amenities is discussed, and it is shown that if the amenity is also productive, then the sign of the wage gradient is unclear while the rent gradient is positive.
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The China Syndrome: Local Labor Market Effects of Import Competition in the United States
TL;DR: This paper analyzed the effect of Chinese import competition between 1990 and 2007 on US local labor markets, exploiting cross-market variation in import exposure stemming from initial diffe cerence to US labor markets.