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How should the government respond to automation? We study this question in a heterogeneous agent model that takes … borrowing is limited. We first show that these frictions result in inefficient automation. Firms fail to internalize that … where the government can tax automation but lacks redistributive tools to fully overcome borrowing frictions. The …
Persistent link: https://www.econbiz.de/10013334373
-level robot adoption. Overall, our results highlight the uneven effects of automation on the workforce …
Persistent link: https://www.econbiz.de/10014247929
automation, health care, and energy, and correcting these distortions could have sizable welfare benefits …
Persistent link: https://www.econbiz.de/10014226119
We study the post-World War II "Golden Age" of American corporate research from 1945 to 1980, using multiple indicators of corporate research activity. We use an ensemble learning approach to classify firms as either Science Leaders, Absorbers or Followers. Our analysis reveals that only a small...
Persistent link: https://www.econbiz.de/10015398165
This paper uses a large language model to develop an ex-ante measure of the commercial potential of scientific findings. In addition to validating the measure against the typical holdout sample, we validate it externally against 1.) the progression of scientific findings through a major...
Persistent link: https://www.econbiz.de/10014512116
types of capital: traditional physical capital (machines, assembly lines), industrial robots, and AI. Following the … literature, we assume that industrial robots predominantly substitute for low-skill workers, whereas AI mainly helps to perform …
Persistent link: https://www.econbiz.de/10014544709
We measure the impact of the initial Indian national COVID-19 lockdown on digital activity using browser histories of 1,094 individuals, spanning over 31.5 million website visits on computers and mobile devices. Reflecting the predicted increase in the value of online activity, both men and...
Persistent link: https://www.econbiz.de/10014437050
-based model of AI's effects, working through automation and task complementarities. So long as AI's microeconomic effects are … driven by cost savings/productivity improvements at the task level, its macroeconomic consequences will be given by a version … of Hulten's theorem: GDP and aggregate productivity gains can be estimated by what fraction of tasks are impacted and …
Persistent link: https://www.econbiz.de/10014544765
ever more complex tasks amenable to automation. The effects on wages depend on a race between automation and capital … accumulation. If automation proceeds sufficiently slowly, then there is always enough work for humans, and wages may rise forever …. By contrast, if the complexity of tasks that humans can perform is bounded and full automation is reached, then wages …
Persistent link: https://www.econbiz.de/10014512109
Generative Artificial Intelligence (AI) is a potentially important new technology, but its impact on the economy depends on the speed and intensity of adoption. This paper reports results from the first nationally representative U.S. survey of generative AI adoption at work and at home. In...
Persistent link: https://www.econbiz.de/10015072907