Skill-Biased Technological Change and the Business Cycle
利用美国CPS数据构建季度技能溢价，识别技能偏向型技术冲击，发现其导致工时下降，表明技术引起的工时减少部分源于劳动力需求的结构性转变。
Abstract Over the past two decades, technological progress in the United States has been biased toward skilled labor. What does this imply for business cycles? We construct a quarterly skill premium from the CPS and use it to identify skill-biased technology shocks in a VAR with long-run zero and sign restrictions. Hours fall in response to skill-biased technology shocks, indicating that part of the technology-induced fall in hours is due to a compositional shift in labor demand. Investment-specific technology shocks reduce the skill premium, indicating that capital and skill are not complementary in aggregate production.