TECHNOLOGY ADOPTION, TURBULENCE, AND THE DYNAMICS OF UNEMPLOYMENT
研究认为欧洲失业率自1970年代末上升而美国不变，是因为欧洲工人使用过时资本、缺乏前沿技能，导致失业期更长；该机制解释了约70%的欧美失业率差异。
Starting in the late 1970s, European unemployment began to increase while US unemployment remained constant. At the same time, capital-embodied technical change began to accelerate, and the United States adopted the new capital much faster than Europe. I argue that these two facts are related. The main idea is that if there is capital-embodied technical change, then the unemployment rate depends critically on how obsolete the installed capital stock is compared to the frontier. In particular, European workers initially worked with relatively obsolete capital, and so they lacked the skills required to work with frontier capital. When they lost their jobs they therefore stayed unemployed for longer than their American counterparts. I find that this channel accounts for about 70% of the discrepancy between the behavior of unemployment rates in Europe and the United States.