TAILIEUCHUNG - Technology Works: High-Tech Employment and Wages in the United States

In the box published in October, we focused primarily on forecasts made for European economies in early 2010. The reason was simple: A number of large multiyear fiscal consolidation plans were announced then, particularly in Europe, and conditions for larger- than-normal multipliers were ripe. First, because of the binding zero lower bound on nominal interest rates, central banks could not cut interest rates to offset the negative short-term effects of a fiscal consolidation on economic activity. Christiano, Eichenbaum, and Rebelo (2011) have shown, using a dynamic stochastic general equilibrium (DSGE) model, that under such conditions, fiscal multipliers can exceed 3. 2 . | December 2012 A Bay Area Council Economic Institute Report commissioned by Engine Advocacy BAY AREA COUNCIL ECONOMIC INSTITUTE Connecting business labor government and education Technology Works High-Tech Employment and Wages in the United States Acknowledgments This report was prepared for Engine Advocacy by the Bay Area Council Economic Institute. Ian Hathaway Research Manager of the Economic Institute authored the report. Patrick Kallerman of the Economic Institute provided research and analytical support. Bay Area Council Economic Institute 201 California Street Suite 1450 San Francisco CA 94111 bacei@ BAYAREA COUNCIL INST TUT E u This study addresses an important question how important is high-tech employment growth for the . labor market As it turns out the dynamism of the . high-tech companies matters not just to scientists software engineers and stock holders but to the community at large. While the average worker may never be employed by Google or a high-tech startup our jobs are increasingly supported by the wealth created by innovators. The reason is that high-tech companies generate a growing number of jobs outside high-tech in the communities where they are located. My research shows that attracting a scientist or a software engineer to a city triggers a multiplier effect increasing employment and salaries for those who provide local services. This study confirms and extends this finding using a broader definition of the high-tech sector. It is a useful contribution to our understanding of job creation in America today. - Enrico Moretti Professor of Economics at the University of California Berkeley and author of The New Geography of .

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