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Department of Economics Seminar, Friday 12 April Dr. Adnan Velic, Technological University Dublin, ‘On Asymmetric Technical Change’

Department of Economics Seminar Friday 12 April at 14h00 in KB1-11, all welcome.
Dr. Adnan Velic, Technological University Dublin, ‘On Asymmetric Technical Change’. All Welcome
Adnan Velic is an Assistant Professor of Economics at Technological University Dublin (formerly Dublin Institute of Technology). He has also worked as Economic Policy (journal) rapporteur for the CEPR and taught at Trinity College Dublin where he obtained his PhD in Economics. Dr. Velic has two core research strands. One is the area of international financial macroeconomics and the other is at the intersection of growth, trade, and macro. His work has been published in internationally reputable academic journals such as Journal of International Money and Finance, Review of World Economics, and Open Economies Review. His full CV and more information about his research are available here.
Recent empirical evidence for the U.S. points to a non-increasing share of labor in income and complementarity between capital and labor. According to standard macroeconomic theory, these facts imply that productivity growth should be labor-augmenting. Analyzing post-war U.S. data, we however find that technical progress is rather evenly distributed across capital- and labor-intensive industries. To reconcile standard theory with the evidence, we stress inflation measurement errors in the data. If aggregate inflation is annually overstated by as little as a third of a percentage point, technical progress is already over 50 percent higher in labor-intensive industries than in capital-intensive industries.
Department of Economics Seminars