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Abstract

In this paper we study the effect of different types of technological regime

changes on the evolution of industry concentration and wage inequality. Using

a calibrated agent-based macroeconomic framework, the Eurace@Unibi

model, we consider scenarios where the new regime is characterized by more

frequent respectively more substantial changes in the frontier technology

compared to the old regime. We show that under both scenarios the regime

change leads to an increase in the heterogeneity of productivity in the firm

population and to increased market concentration, where effects are much

less pronounced if the new regime differs from the old one with respect to

the frequency of innovations. If the new regime is characterized by an increase

of the size of the frontier jumps along the technological trajectory, the

evolution of the wage inequality has an inverted U-shape with a large fraction

of workers profiting in the very long run from high wages offered by dominant

high-tech firms. Finally, it is shown that (oberservable) heterogeneity of

worker skills plays an important role in generating these dynamic effects of

technological regime changes.