This paper examines the effects of labor-replacing capital, which we call robots, on business cycle dynamics using a New Keynesian model with a role for both traditional and robot capital. We find that shocks to the price of robots have effects on output, employment, wages, and labor's share of...

This paper introduces contemporaneously available monetary data into an "equilibrium" model that combines rational expectations, market clearing, and incomplete information about monetary disturbances. Data on the current money stock involve a preliminary estimate that is subject to a subsequent...

This paper introduces contemporaneously available monetary data into an "equilibrium" model that combines rational expectations, market clearing, and incomplete information about monetary disturbances. Data on the current money stock involve a preliminary estimate that is subject to a subsequent...