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This paper studies how the interplay between technological shocks and financial variables shapes the properties of macroeconomic dynamics. Most of the existing literature has based the analysis of aggregate macroeconomic regularities on the representative agent hypothesis (RAH). However, recent...
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Thomas Piketty's Capital in the Twenty-First Century is the most widely discussed work of economics in recent history … reasons for Capital's phenomenal success, followed by the published reviews of Nobel laureates Robert Solow and Paul Krugman … contributors ask whether Piketty said enough about power, slavery, and the complex nature of capital. Laura Tyson and Michael …
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Thomas Piketty’s Capital in the Twenty-First Century is the most widely discussed work of economics in recent history … Capital’s phenomenal success, followed by the published reviews of Nobel laureates Paul Krugman and Robert Solow. The rest of … ask whether Piketty said enough about power, slavery, and the complex nature of capital. Laura Tyson and Michael Spence …
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transfers over this period is taken into account. We show that the increase in capital's share of total income and the presence … of capital-entrepreneurial skill complementarity are two key features that help support the wages of ordinary workers as … the new technology diffuses. -- income inequality ; skill-biased technological change ; capital-skill complementarity …
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