Patents as a Measure of Technology Shocks and the Aggregate U.S. Labor Market.
In a market-clearing labor market model, cointegration arises between labor services, real wages, and I(1) technology shocks with two cointegrating vectors in the error correction VAR from the market. Using patent data to measure technology shocks, patents are found to be I(1), they are cointegrated...
| Publicado en: | Economic Inquiry Vol. 43; no. 1; pp. 121 - 138 |
|---|---|
| Autor principal: | |
| Formato: | Artículo |
| Publicado: |
Wiley-Blackwell
January 2005
|
| Materias: | |
| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=ssf&AN=510440548&site=ehost-live header: @attributes: shortDbName: ssf uiTerm: 510440548 longDbName: Social Sciences Full Text (H.W. Wilson) uiTag: AN controlInfo: bkinfo: jinfo: jid: 00952583 EIQ jtl: Economic Inquiry issn: 00952583 maglogo: N pubinfo: dt: January 2005 vid: 43 iid: 1 pid: 480 pub: Wiley-Blackwell artinfo: ui: 510440548 10.1093/ei/cbi009 ppf: 121 ppct: 17 formats: fmt: – @attributes: type: T – @attributes: type: P size: 1.6MB tig: atl: Patents as a Measure of Technology Shocks and the Aggregate U.S. Labor Market. aug: au: Rossana, Robert J. su: Labor demand Mathematical models of job vacancies Patents Mathematical models Economic shock Technological innovations & economics sug: subj: Labor demand Mathematical models of job vacancies Patents Mathematical models Economic shock Technological innovations & economics ab: In a market-clearing labor market model, cointegration arises between labor services, real wages, and I(1) technology shocks with two cointegrating vectors in the error correction VAR from the market. Using patent data to measure technology shocks, patents are found to be I(1), they are cointegrated with aggregate measures of labor services and real wages, and there are two cointegrating vectors in the estimated VAR as implied by the model. Parameter instability is observed in estimated cointegrating vectors. The model's assumptions and implications are supported in data prior to the formation of the OPEC cartel but not in other subsamples studied. (JEL E24) Reprinted by permission of the publisher. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: N holdings: @attributes: islocal: N |
|---|