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sidenav header background[3月14日]宏观经济学workshop
发布日期：2019-03-11 09:37 来源：
时间：2019年3月14日（周四）14：00 p.m.－15：30 p.m.
地点：经济学院606会议室
主持人：赵波、鄢萍、余昌华
主讲人：Eric Young（University of Virginia）
题目：Mobility
Abstract
Labor productivity grows faster in the goods sector than in the service sector in the postwar U.S. economy, which leads to the well-known structural transformation. I explain the dif- ferences in labor productivity growth through the lens of capital-skill complementarity. In the postwar U.S. economy, the goods sector consists of a larger portion of low-skilled labor than the service sector, and capital intensity increases faster in the goods sector. To assess their impacts on sectoral labor productivity growth, I build a two-sector neoclassical growth model in which capital substitutes low-skilled labor while it complements high-skilled labor. Along with economic growth, capital becomes relatively more abundant than labor. The resulting capital deepening is then faster in the goods sector because of its skill composition, and hence its labor productivity also grows faster. The calibrated model can explain almost all sectoral differences in capital intensity growth over time, and around 87% of the sectoral differences in labor productivity growth. Without capital-skill complementarity, labor pro- ductivity would have grown faster in the service sector, contradicting the data. I further show that it is improper to use standard growth accounting to quantify the contribution of capital deepening on sectoral labor productivity growth in this context.
个人简介：
Eric Young is a Professor of Economics at the University of Virginia. He has held Visiting Scholar positions at the Federal Reserve Bank of Minneapolis and the International Monetary Fund. His work has appeared in top academic journals including the Journal of Monetary Economics, the Review of Economic Dynamics, and the Journal of Economic Dynamics and Control. He earned a BA from Washington and Lee University in 1994 and a PhD in Economics from Carnegie Mellon University in 2001.
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首页
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教学项目展开 / 收起
sidenav background教学项目
sidenav header background[3月14日]宏观经济学workshop
发布日期：2019-03-11 09:37 来源：
时间：2019年3月14日（周四）14：00 p.m.－15：30 p.m.
地点：经济学院606会议室
主持人：赵波、鄢萍、余昌华
主讲人：Eric Young（University of Virginia）
题目：Mobility
Abstract
Labor productivity grows faster in the goods sector than in the service sector in the postwar U.S. economy, which leads to the well-known structural transformation. I explain the dif- ferences in labor productivity growth through the lens of capital-skill complementarity. In the postwar U.S. economy, the goods sector consists of a larger portion of low-skilled labor than the service sector, and capital intensity increases faster in the goods sector. To assess their impacts on sectoral labor productivity growth, I build a two-sector neoclassical growth model in which capital substitutes low-skilled labor while it complements high-skilled labor. Along with economic growth, capital becomes relatively more abundant than labor. The resulting capital deepening is then faster in the goods sector because of its skill composition, and hence its labor productivity also grows faster. The calibrated model can explain almost all sectoral differences in capital intensity growth over time, and around 87% of the sectoral differences in labor productivity growth. Without capital-skill complementarity, labor pro- ductivity would have grown faster in the service sector, contradicting the data. I further show that it is improper to use standard growth accounting to quantify the contribution of capital deepening on sectoral labor productivity growth in this context.
个人简介：
Eric Young is a Professor of Economics at the University of Virginia. He has held Visiting Scholar positions at the Federal Reserve Bank of Minneapolis and the International Monetary Fund. His work has appeared in top academic journals including the Journal of Monetary Economics, the Review of Economic Dynamics, and the Journal of Economic Dynamics and Control. He earned a BA from Washington and Lee University in 1994 and a PhD in Economics from Carnegie Mellon University in 2001.
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