New indicators, based on technology titles, are used to measure the impact of innovative activity on the U.S. labor market between 1909 and 1949. We find that positive technology shocks raised productivity, employment, vacancies, and labor turnover and lowered unemployment and business failures. Moreover, automotive and electrical innovations (quintessential general-purpose technologies) had a greater positive impact on employment than those in mechanical innovations. The overall results, compatible with the predictions of the real business cycle model, raise questions about the anemic recovery in employment after 1934 since the strong upsurge in technical change failed to be accompanied by vigorous job expansion.

中文翻译：

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媒介是衡量标准：技术变革与就业，1909年至1949年

基于技术名称的新指标用于衡量1909年至1949年之间创新活动对美国劳动力市场的影响。我们发现，积极的技术冲击提高了生产率，就业，职位空缺和劳动力流动，并降低了失业率和企业破产率。此外，与机械创新相比，汽车和电气创新（典型的通用技术）对就业的积极影响更大。总体结果与真实商业周期模型的预测相吻合，这引发了人们对1934年后就业复苏乏力的质疑，因为技术变革的强劲增长未能伴随着积极的工作扩张。