Contemporary Finance & Economics ›› 2020, Vol. 0 ›› Issue (4): 3-16.

• Theoretical Economics •     Next Articles

The Impact of Robot Technology Progress on Labor Market: An Analysis Based on Dynamic Stochastic General Equilibrium Model

HAN Min-chun, HAN Qing-jiang   

  1. Huazhong University of Science and Technology, Wuhan 430074, China
  • Received:2019-11-29 Revised:2020-02-12 Online:2020-04-15 Published:2020-12-11

Abstract: The progress of robot technology shows the characteristics of diversification, and its impact on the labor market is manifested in three forms, i.e., total factor productivity shock, capital factor substitution shock and investment conversion rate shock. Under the framework of dynamic stochastic general equilibrium, this paper studies the influence and mechanism of robot technology progress on labor market factors by comprehensively introducing the three impacts of robot technology progress. It is found that the short-term effect of the three types of technological progress on the employment of workers fluctuates greatly, while the long-term effect will lead to the decline of employment, but has a lasting positive effect on the wages of workers. The collection of capital income tax, the expansion of government expenditure and the implementation of a proactive monetary policy can play a positive role in promoting the stability of employment in the short term, but have no effect on the stability of employment in the long term, which can only be used as a short-term macro-control means to stabilize the employment.

Key words: robot, technology progress, labor market, macro-control, dynamic stochastic general equilibrium

CLC Number: