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Global Effects of US “New Economy” Shocks: the Role of Capital-Skill Complementarity

Tyers, Rod; Yang, Yongzheng


Long run technical change since the 1970s can be characterised alternatively as capital enhancement when capital and skill are complementary, or skill enhancement when capital and skill are substitutes. These characterisations are not equivalent in the short run, however, particularly in the capital-mobile late 1990s, because the implications of the shocks for the return to installed physical capital, and hence the global distribution of investment, depend on which of the two is chosen. The...[Show more]

CollectionsANU Research Publications
Date published: 2001
Type: Working/Technical Paper


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