A paradigm is presented where both the extent of financial intermediation and the rate of economic growth are … endogenously determined. Financial intermediation promotes growth because it allows a higher rate of return to be earned on capital …, and growth in turn provides the means to implement costly financial structures. Thus, financial intermediation and …

.e., by how much monetary policy shifts real rates in the ergodic distribution of the model, can be substantial when we …

growth derived from the universe of tax filers and W-2 recipients that we observe over a two-decade period (1998-2019). We … find that income inequality and income growth patterns identified from administrative tax records differ in important ways …

This paper examines the potential impact of artificial intelligence (A.I.) on economic growth. We model A.I. as the … reach, from driving cars to making medical recommendations and beyond. How will this affect economic growth and the division …," concepts that animate many discussions in the machine intelligence community? How will the linkages between A.I. and growth be …

taxation is higher and the rate of growth lower, the more unequal is the distribution of wealth We present empirical results …This paper studies the relationship between political conflict and economic growth in a simple model of endogenous … growth with distributive conflicts. We study both the case of two "classes" (workers and capitalists) and the case of a …

technologies. The structure is calibrated to the U.S. and postwar Japan growth experiences. Using this calibrated structure we …

uses of labor for overhead, marketing and other expansionary activities, for studying the distribution of both factor … experienced the fastest wage and employment growth since 1980. Our framework can rationalize a counter-cyclical labor share in the …