Showing 1 - 10 of 13
This paper considers growth and fluctuations in a standard Overlapping Generations (OLG) model with rational expectations, with land (a non-produced asset), credit frictions, and endogenous growth. Under plausible conditions, there can be multiple momentary equilibria, with the multiplicity...
Persistent link: https://www.econbiz.de/10015361465
Transformative technologies like generative artificial intelligence promise to accelerate productivity growth across many sectors, but they also present new risks from potential misuse. We develop a multi-sector technology adoption model to study the optimal regulation of transformative...
Persistent link: https://www.econbiz.de/10014322848
This paper analyses the impact of credit expansions arising from increases in collateral values or lower interest rate policies on long-run productivity and economic growth in a two-sector endogenous growth economy with credit frictions, with the driver of growth lying in one sector...
Persistent link: https://www.econbiz.de/10015398114
Persistent link: https://www.econbiz.de/10013465373
This paper describes the adoption of automation technologies by US firms across all economic sectors by leveraging a new module introduced in the 2019 Annual Business Survey, conducted by the US Census Bureau in partnership with the National Center for Science and Engineering Statistics (NCSES)....
Persistent link: https://www.econbiz.de/10013462707
Persistent link: https://www.econbiz.de/10014245518
We estimate the effects of robot adoption on firm-level and worker-level outcomes in the Netherlands using a large employer-employee panel dataset spanning 2009-2020. Our firm-level results confirm previous findings, with positive effects on value added and hours worked for robot-adopting firms...
Persistent link: https://www.econbiz.de/10014247929
This paper studies the effects of automation in economies with labor market distortions that generate worker rents--wages above opportunity cost--in some jobs. We show that automation targets high-rent tasks, dissipating rents and amplifying wage losses from automation. It also reduces...
Persistent link: https://www.econbiz.de/10014576564
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
This essay discusses several potential economic, political and social costs of the current path of AI technologies. I argue that if AI continues to be deployed along its current trajectory and remains unregulated, it may produce various social, economic and political harms. These include:...
Persistent link: https://www.econbiz.de/10012629467