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DP5002 The Impact of TFP Growth on Steady-State Unemployment

Author(s): Christopher Pissarides , Giovanna Vallanti
Publication Date: April 2005
Keyword(s): TFP growth , unemployment , creative destruction , capitalization effect , embodied technology
JEL(s): E24 , J64 , O51 , O52
Programme Areas: International Macroeconomics
Link to this Page: www.cepr.org/pubs/dps/DP5002.asp


Theoretical predictions of the impact of TFP growth on unemployment are ambiguous, and depend on the extent to which new technology is embodied in new jobs. We evaluate a model with embodied and disembodied technology, capitalization, and creative destruction effects by estimating the impact of TFP growth on unemployment in a panel of industrial countries. We find a large negative impact which implies that embodied technology and creative destruction play no role in the steady-state dynamics of unemployment. Capitalization effects explain some of the estimated impact but a part remains unexplained.

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