The proportion of capacity-constrained firms in European economies remains today fairly small, which suggests that capacity shortages cannot be the direct and single cause of unemployment persistence. Inferring from this observation that low investment rates play no role in explaining the...

This paper focuses on the macroeconomic impact of introducing new technologies (among which information technologies) when the latter stimulate the relative demand for high-skilled labour. The fact that there is biased technical progress (or at least, that growth has asymmetric effects) is...