Capital-Skill Complementarity and Balanced Growth

Capital-Skill Complementarity

Datos Bibliográficos

ID9727476
AutoresLILIA MALIAR (0000-0002-7109-7976, Hoover Institution), SERGUEI MALIAR (0000-0002-8008-7147, Hoover Institution)
Año2011
Volumen78
Número310
Páginas240-259
Fecha de publicación2011-04-01
Peer ReviewedSí
Open AccessSí
TipoARTICLE
RevistaEconomica (JOURNAL)
Identificadores de la revistaISSN: 0013-0427 • E-ISSN: 1468-0335
EditorialWiley (PUBLISHER • GB)
DOI10.1111/j.1468-0335.2009.00817.x
OpenAlexW2128577100
IdiomaEN
Referencias citadas20

We construct a general equilibrium version of the Krusell et al. Econometrica 68, 1029, 2000 model with capital–skill complementarity. We assume several sources of growth simultaneously: exogenous growth of skilled and unskilled labour, equipment-specific technological progress, skilled and unskilled labour-augmenting technological progress and Hicks-neutral technological progress. We derive restrictions that make our model consistent with balanced growth. A calibrated version of our model can account for the key growth patterns in the US data, including those for capital equipment and structures, skilled and unskilled labour and output, but it fails to explain the long-run behaviour of skilled-labour wages and, consequently, the skill premium

Capital (architecture) · Complementarity (molecular biology) · Economics · General equilibrium theory · Growth model · Labour economics · Macroeconomics · Microeconomics · Technological change · Economic Growth and Productivity · Economic theories and models · Fiscal Policy and Economic Growth

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