created. In a static version where capital is fixed and technology is exogenous, automation reduces employment and the labor … capital accumulation and the direction of research towards automation and the creation of new tasks. If the long-run rental … rate of capital relative to the wage is sufficiently low, the long-run equilibrium involves automation of all tasks …

share of national income. In a neoclassical growth model with endogenous human capital accumulation a la Ben Porath (1967 …) and capital-skill complementarity a la Grossman et al. (2017), the steady-state labor share is positively correlated with … the rates of capital-augmenting and labor-augmenting technological progress. We calibrate the key parameters describing …

whether capital and labor are gross complements or substitutes. Establishing the magnitude of `sigma` is vital, not only for … that there has been capital deepening. This paper presents evidence that refutes these claims. It shows that despite a rise … in measured capital-labor ratios, labor-augmenting technical change in the US has been sufficiently rapid that effective …

The evidence for the United States points to balanced growth despite falling investment-good prices and an elasticity … of substitution between capital and labor less than one. This is inconsistent with the Uzawa Growth Theorem. We extend … Uzawa's theorem to show that the introduction of human capital accumulation in the standard way does not resolve the puzzle …

of substitution between capital and labor is greater than one. However, the vast majority of micro-level estimates shows … that capital and labor are complements (elasticity less than one). Using firm- and establishment-level data from Korea, we … divide capital into equipment and software, as they may interact with labor in different ways. Our estimation shows that …

differences in factor proportions and capital deepening. Capital deepening tends to increase the relative output of the sector … with a greater capital share, but simultaneously induces a reallocation of capital and labor away from that sector. We … models, non-balanced growth is shown to be consistent with an asymptotic equilibrium with constant interest rate and capital …

with endogenous labor-leisure choice where all agents are allowed to save and accumulate capital. We provide a sufficient … condition under which optimal redistributive capital taxes remain at their allowed upper bound forever, even if the resulting … equilibrium trajectory converges to a unique steady state with positive and finite consumption, capital, and labor. We then …

This paper revisits capital-skill complementarity and inequality, as in Krusell, Ohanian, Rios-Rull and Violante (KORV …. We find strong evidence for continued capital-skill complementarity in the most recent data, and that the model continues …

The prospect of capital obsolescence inhibits investment. Investors thus become more optimistic when the obsolescence … of their capital slows down. We propose a model with no fixed costs of investment, and random technological progress that … induces obsolescence of capital in place. Spikes occur precisely when technological progress slows down. Moreover, the more …