000			03055cam a22003737 4500
001			w26964
003			NBER
005			20211020103810.0
006			m o d
007			cr cnu||||||||
008			210910s2020 mau fo 000 0 eng d
100	1		_aKogan, Leonid. _914436
245	1	0	_aTechnological Innovation and Labor Income Risk / _cLeonid Kogan, Dimitris Papanikolaou, Lawrence D. W. Schmidt, Jae Song.
260			_aCambridge, Mass. _bNational Bureau of Economic Research _c2020.
300			_a1 online resource: _billustrations (black and white);
490	1		_aNBER working paper series _vno. w26964
500			_aApril 2020.
520	3		_aUsing administrative data from the United States, we document novel stylized facts regarding technological innovation and the riskiness of labor income. Higher rates of industry innovation are associated with significant increases in labor earnings for top workers. Decomposing this result, we find that own firm innovation is associated with a modest increase in the mean, but also variance, of worker earnings growth. Innovation by competing firms is related to lower, and more negatively skewed, future earnings. We construct a structural model featuring creative destruction and displacement of human capital that replicates these patterns. In the model, higher rates of innovation by competing firms increases the likelihood that both the worker and the incumbent producer are displaced. By contrast, a higher rate of innovation by the worker's own firm increases profits, but is a mixed blessing for workers, as it increases odds that the skilled worker is no longer a good match to the new technology. Estimating the parameters of the model using indirect inference, we find significant welfare losses and hedging demand against innovation shocks. Consistent with our model, we find that these left tail effects are more pronounced for process improvements, novel innovations, and are concentrated in movers rather than continuing workers.
530			_aHardcopy version available to institutional subscribers
538			_aSystem requirements: Adobe [Acrobat] Reader required for PDF files.
538			_aMode of access: World Wide Web.
588	0		_aPrint version record
690		7	_aE24 - Employment • Unemployment • Wages • Intergenerational Income Distribution • Aggregate Human Capital • Aggregate Labor Productivity _2Journal of Economic Literature class.
690		7	_aG10 - General _2Journal of Economic Literature class.
690		7	_aG12 - Asset Pricing • Trading Volume • Bond Interest Rates _2Journal of Economic Literature class.
700	1		_aPapanikolaou, Dimitris.
700	1		_aSchmidt, Lawrence D. W.
700	1		_aSong, Jae.
710	2		_aNational Bureau of Economic Research.
830		0	_aWorking Paper Series (National Bureau of Economic Research) _vno. w26964.
856	4	0	_uhttps://www.nber.org/papers/w26964
856			_yAcceso en línea al DOI _uhttp://dx.doi.org/10.3386/w26964
942			_2ddc _cW-PAPER
999			_c321159 _d279721