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Federal Reserve Bank of New York
Economic Policy Review
Macroeconomic implications of shifts in the relative demand for skills
Olivier Jean Blanchard

Besides widening wage inequality, if the demand for skills continues to increase it will probably reduce aggregate employment. Policy measures to offset the impact of increased demand for skills on wage inequality and employment would be very costly. Moreover, given local funding of primary and secondary education a sufficiently large supply response cannot be assumed.

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Olivier Jean Blanchard, "Macroeconomic implications of shifts in the relative demand for skills" , Federal Reserve Bank of New York, Economic Policy Review, issue Jan, pages 48-53, 1995.
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Keywords: Education ; Labor supply ; Unemployment
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