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This paper documents a long-standing stability in the relationship between outstanding debt and economic activity in the United States, and explores the implications for capital formation of several hypotheses that could explain this observed phenomenon. The aggregate of outstanding credit...
Persistent link: https://www.econbiz.de/10012478414
Is credit as closely related to income as is money? Results presented in the first half of this paper, based on a variety of methodological approaches, consistently indicate that the aggregate of outstanding credit liabilities of all nonfinancial borrowers in the United States bears as close a...
Persistent link: https://www.econbiz.de/10012478476
optimal taxation of capital and labor would raise employment by 4.02% and the labor share by 0.78 percentage points, and … employment by 1.14-1.96%, but in this case efficiency can be increased by imposing an additional automation tax to reduce the … workers, reducing employment below its socially optimal level. We additionally show that reducing labor taxes or combining …
Persistent link: https://www.econbiz.de/10012482009
as they expand AI hiring. However, we find no discernible relationship between AI exposure and employment or wage growth …
Persistent link: https://www.econbiz.de/10012482476
The location of US multinational foreign R&D has shifted significantly to include emerging markets in addition to traditional Western R&D hubs, resulting in two challenges for multinationals: (1) how to transfer knowledge across geographic distances, and (2) how to facilitate learning when local...
Persistent link: https://www.econbiz.de/10012453261
' employment from the Census Bureau's business register to examine wholesalers and retailers in U.S. exports and imports. Exporters … and importers with 100 percent employment in wholesale and retail differ from pure "producer and consumer" trading firms … along a number of dimensions: they are smaller in terms of employment, trade value and domestic sales, operate fewer U …
Persistent link: https://www.econbiz.de/10012462991
Recent research in international trade emphasizes the importance of firms' extensive margins for understanding overall patterns of trade as well as how firms respond to specific events such as trade liberalization. In this paper, we use detailed U.S. trade statistics to provide a broad overview...
Persistent link: https://www.econbiz.de/10012463985
We construct a model of simultaneous change and persistence in institutions. The model consists of landowning elites and workers, and the key economic decision concerns the form of economic institutions regulating the transaction of labor (e.g., competitive markets versus labor repression). The...
Persistent link: https://www.econbiz.de/10012466560
import from related parties, dominate U.S. trade flows and employment at trading firms. We also find that firms that begin … trading between 1993 and 2000 experience especially rapid employment growth and are a major force in overall job creation …
Persistent link: https://www.econbiz.de/10012467277
from 1977 to 1997. Both employment and output growth are slower for plants that face higher levels of low wage import …
Persistent link: https://www.econbiz.de/10012469540