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Cascades in Networks and Aggregate Volatility

Acemoglu, Daron - 2010

the supply network determine both whether aggregate volatility disappears as the number of sectors increases (i …-output relations) and aggregate volatility, and more importantly, the relationship between higher-order interconnections and aggregate … volatility. These higher-order interconnections capture the cascade effects, whereby low productivity or the failure of a set of …

Persistent link: https://www.econbiz.de/10012462141

Social Mobility and Stability of Democracy : Re-evaluating De Tocqueville

Acemoglu, Daron - 2016

An influential thesis often associated with De Tocqueville views social mobility as a bulwark of democracy: when members of a social group expect to join the ranks of other social groups in the near future, they should have less reason to exclude these other groups from the political process. In...

Persistent link: https://www.econbiz.de/10012456501

Robust Comparative Statics in Large Dynamic Economies

Acemoglu, Daron - 2012

We consider infinite horizon economies populated by a continuum of agents who are subject to idiosyncratic shocks. This framework contains models of saving and capital accumulation with incomplete markets in the spirit of works by Bewley, Aiyagari, and Huggett, and models of entry, exit and...

Persistent link: https://www.econbiz.de/10012460482

Firms, Failures, and Fluctuations : The Macroeconomics of Supply Chain Disruptions

Acemoglu, Daron - 2020

This paper studies how firm failures and the resulting disruptions to supply chains can amplify negative shocks. We develop a non-competitive model where customized supplier-customer relations increase productivity, and the relationship-specific surplus generated between firms and their...

Persistent link: https://www.econbiz.de/10012481420

The Network Origins of Large Economic Downturns

Acemoglu, Daron - 2013

volatility is not necessarily a sufficient statistic for the likelihood of large downturns. Rather, depending on the shape of the …

Persistent link: https://www.econbiz.de/10012459432

The Rise of Europe : Atlantic Trade, Institutional Change and Economic Growth

Acemoglu, Daron - 2002

This paper documents that the Rise of (Western) Europe between 1500 and 1850 is largely accounted for by the growth of European nations with access to the Atlantic, and especially by those nations that engaged in colonialism and long distance oceanic trade. Moreover, Atlantic ports grew much...

Persistent link: https://www.econbiz.de/10012469325

Learning from Ricardo and Thompson : Machinery and Labor in the Early Industrial Revolution, and in the Age of AI

Acemoglu, Daron; Johnson, Simon - National Bureau of Economic Research - 2024

David Ricardo initially believed machinery would help workers but revised his opinion, likely based on the impact of automation in the textile industry. Despite cotton textiles becoming one of the largest sectors in the British economy, real wages for cotton weavers did not rise for decades. As...

Persistent link: https://www.econbiz.de/10014544695

Finding Eldorado : Slavery and Long-run Development in Colombia

Acemoglu, Daron - 2012

Slavery has been a major institution of labor coercion throughout history. Colonial societies used slavery intensively across the Americas, and slavery remained prevalent in most countries after independence from the European powers. We investigate the impact of slavery on long-run development...

Persistent link: https://www.econbiz.de/10012460483

Tasks, Automation, and the Rise in US Wage Inequality

Acemoglu, Daron; Restrepo, Pascual - National Bureau of Economic Research - 2021

We document that between 50% and 70% of changes in the US wage structure over the last four decades are accounted for by the relative wage declines of worker groups specialized in routine tasks in industries experiencing rapid automation. We develop a conceptual framework where tasks across a...

Persistent link: https://www.econbiz.de/10012585404

Eclipse of Rent-Sharing : The Effects of Managers' Business Education on Wages and the Labor Share in the US and Denmark

Acemoglu, Daron; He, Alex Xi; Le Maire, Daniel - National Bureau of Economic Research - 2022

This paper provides evidence from the US and Denmark that managers with a business degree ("business managers") reduce their employees' wages. Within five years of the appointment of a business manager, wages decline by 6% and the labor share by 5 percentage points in the US, and by 3% and 3...

Persistent link: https://www.econbiz.de/10013172173