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DESCRIPTION:The Moynihan Institute of Global Affairs’ Trade\, Development a
 nd Political Economy Series presents Julieta Caunedo speaking on Occupatio
 nal Exposure to Capital-Embodied Technical Change.Factor-biased technical 
 change is at the core of the US labor market dynamics in the post-war era.
  Concurrently\, workers’ occupations have become a key dimension for the a
 natomy of labor reallocation and inequality. This paper furthers our under
 standing of the heterogeneity in factor-biased technical change across occ
 upations by providing the first direct measures of capital-embodied techni
 cal change (CETC) as well as of the elasticity of substitution between lab
 or and capital at the occupational level. We find that CETC vary substanti
 ally across occupations and over time\, but it is the heterogeneity in the
  elasticity of substitution that fuels differences in workers’ exposure to
  technical change and ultimately sets the direction of the labor reallocat
 ion triggered by CETC. We evaluate the impact of CETC in a general equilib
 rium model of endogenous sorting of workers across occupations of differen
 t CETC and substitutability between capital and labor. CETC explains 87% o
 f labor reallocation in the US between 1984 and 2015. In an economy with a
  common elasticity of substitution between capital and labor\, measured di
 fferences in CETC can only explain 14.5% of the observed labor reallocatio
 n.Julieta Caunedo holds a Bachelor and Post-Graduate Studies from U. Torcu
 ato Di Tella (Argentina) and a PhD in economics from Washington University
  in St. Louis. Her research interests include macroeconomics and developme
 nt\, with emphasis on the impact of technology for productivity and the la
 bor market. Julieta is an&nbsp\;affiliated researcher at&nbsp\;CEPR\,&nbsp
 \;J-PAL\,&nbsp\;Y-RISE\,&nbsp\;ATAI\,&nbsp\;and a theme leader for&nbsp\;S
 TEG.&nbsp\;
DTEND:20220425T211500Z
DTSTAMP:20260512T194047Z
DTSTART:20220425T194500Z
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SEQUENCE:0
SUMMARY:Occupational Exposure to Capital-Embodied Technical Change
UID:RFCALITEM639141972474146979
X-ALT-DESC;FMTTYPE=text/html:<p><strong>The Moynihan Institute of Global Af
 fairs’ Trade\, Development and Political Economy Series</strong> presents 
 Julieta Caunedo speaking on Occupational Exposure to Capital-Embodied Tech
 nical Change.</p><p>Factor-biased technical change is at the core of the U
 S labor market dynamics in the post-war era. Concurrently\, workers’ occup
 ations have become a key dimension for the anatomy of labor reallocation a
 nd inequality. This paper furthers our understanding of the heterogeneity 
 in factor-biased technical change across occupations by providing the firs
 t direct measures of capital-embodied technical change (CETC) as well as o
 f the elasticity of substitution between labor and capital at the occupati
 onal level. We find that CETC vary substantially across occupations and ov
 er time\, but it is the heterogeneity in the elasticity of substitution th
 at fuels differences in workers’ exposure to technical change and ultimate
 ly sets the direction of the labor reallocation triggered by CETC. We eval
 uate the impact of CETC in a general equilibrium model of endogenous sorti
 ng of workers across occupations of different CETC and substitutability be
 tween capital and labor. CETC explains 87% of labor reallocation in the US
  between 1984 and 2015. In an economy with a common elasticity of substitu
 tion between capital and labor\, measured differences in CETC can only exp
 lain 14.5% of the observed labor reallocation.</p><p><strong>Julieta Caune
 do</strong> holds a Bachelor and Post-Graduate Studies from U. Torcuato Di
  Tella (Argentina) and a PhD in economics from Washington University in St
 . Louis. Her research interests include macroeconomics and development\, w
 ith emphasis on the impact of technology for productivity and the labor ma
 rket. Julieta is an&nbsp\;affiliated researcher at&nbsp\;<a href="https://
 cepr.org/" target="_blank">CEPR</a>\,&nbsp\;J-PAL\,&nbsp\;<a href="http://
 yrise.yale.edu/" target="_blank">Y-RISE</a>\,&nbsp\;<a href="https://www.a
 tai-research.org/" target="_blank">ATAI</a>\,&nbsp\;and a theme leader for
 &nbsp\;<a href="https://steg.cepr.org/" target="_blank">STEG</a>.&nbsp\;</
 p>
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