THE IMPACT OF TFP GROWTH ON STEADY‐STATE UNEMPLOYMENT*
通过面板数据估计发现，全要素生产率增长对失业有显著的负向影响，表明体现型技术和创造性破坏在失业稳态动态中不起作用，资本化效应部分解释了这一影响。
Theoretical predictions of the impact of total factor productivity (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. In econometric estimates with a panel of industrial countries we find a large negative impact of TFP growth on unemployment, 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.