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Research on the labor market impact of immigration typically relies on a single-good model of production with separable capital. This article discusses theory and evidence that suggest that this standard model is too simple to capture the labor market impact of immigration. A reasonable level of...
Persistent link: https://www.econbiz.de/10012460351
manufacturing productivity growth. Other research has suggested that, over the long run, growth in the U.S. economy's 'health output …
Persistent link: https://www.econbiz.de/10012469354
Aggregate production functions are reduced-form relationships that emerge endogenously from input-output interactions between heterogeneous producers and factors in general equilibrium. We provide a general methodology for analyzing such aggregate production functions by deriving their first-...
Persistent link: https://www.econbiz.de/10012480944
This paper views the standard production function in macroeconomics as a reduced form and derives its properties from microfoundations. The shape of this production function is governed by the distribution of ideas. If that distribution is Pareto, then two results obtain: the global production...
Persistent link: https://www.econbiz.de/10012468236
How will the emergence of ChatGPT and other forms of artificial intelligence (AI) affect the skill premium? To address this question, we propose a nested constant elasticity of substitution production function that distinguishes among three types of capital: traditional physical capital...
Persistent link: https://www.econbiz.de/10014544709
Consistent with two models of imperfect competition in the labor market, the efficient bargaining model and the monopsony model, we provide two extensions of a microeconomic version of Hall's framework for estimating price-cost margins. We show that both product and labor market imperfections...
Persistent link: https://www.econbiz.de/10012464671
This paper presents a new approach to assess the role of price mismeasurement in the productivity slowdown. I invert … the firm's investment decision to identify the embodied and disembodied components of productivity growth. With a Cobb … that in the Post-War period, disembodied productivity grew faster in the hard-to-measure than in the non-manufacturing easy …
Persistent link: https://www.econbiz.de/10012468065
productivity of women is less than that of men, but not by enough to fully explain the gap in wages, a result that is consistent … that both the wage and productivity profiles are rising but concave to the origin (consistent with profiles quadratic in … age), but the estimated relative wage profile is steeper than the relative productivity profile, consistent with models of …
Persistent link: https://www.econbiz.de/10012468369
. Second, density of physical capital in a city outside a plant has no effect on a plant's productivity. Third, most of the … productivity differences between cities with high and low levels of human capital match remarkably well differences in labor costs … equilibrium forces and spillovers, the productivity gains generated by human capital spillover are offset by increased labor costs …
Persistent link: https://www.econbiz.de/10012469390
of international patents, country-level R&D productivity increases proportionally with the stock of ideas already …). Second, we find that ideas productivity in a given country is constant or declining in the worldwide stock of ideas. Ideas … effects of international knowledge spillovers. Finally, ideas productivity is concave in the size of the R&D workforce and the …
Persistent link: https://www.econbiz.de/10012470846