Embodied Technical Change and the Fluctuations of Unemployment and Wages

Michael Reiter

Scandinavian Journal of Economics, 2007, vol. 109, issue 4, 695-721

Abstract: A matching model where technological change is partially embodied in the job match is shown to be successful in explaining the variability of unemployment and vacancies. If we incorporate long‐term wage contracts into the model, it also explains a number of stylized facts on the dynamics of real wages, which have been found in the empirical labor literature.

Date: 2007
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