Bitcoin, exchangeable for legal tender, and blockchain, the novel form of digital ledger technology it is based on, are often confused and conflated. We make the case that, in some respects, this conflation is justified. The price action in Bitcoin is consistent with a prototyping phase of a new...

Change management has always been a topic of vital importance in the managerial sector, and it is more, when this change refers to the technological ambiance, the effect is even more dramatic. In this article we will see how the technological change that has supposed the irruption of the...

We introduce permanently-shifting income shares into a standard growth model with two types of agents. Capital owners represent the top quintile of U.S. households while workers represent the remainder. Our tractable model allows us to exactly replicate the observed U.S. time paths of the top...

This paper develops a general-equilibrium model of skill-biased technological change that approximates the observed shifts in the shares of wage and non-wage income going to the top decile of U.S. households since 1980. Under realistic assumptions, we find that all agents can benefit from the...

This paper develops a general-equilibrium model of skill-biased technological change that approximates the observed shifts in the shares of wage and non-wage income going to the top decile of U.S. households since 1980. Under realistic assumptions, we find that all agents can benefit from the...

We introduce permanently-shifting income shares into a growth model with workers and capital owners. The model exactly replicates the U.S. time paths of the top quintile income share, capital's share of income, and key macroeconomic variables from 1970 to 2014. Welfare effects depend on changes...

We introduce permanently-shifting income shares into a growth model with workers and capital owners. The model exactly replicates the U.S. time paths of the top quintile income share, capital's share of income, and key macroeconomic variables from 1970 to 2014. Welfare effects depend on changes...

We introduce permanently-shifting income shares into a standard growth model with two types of agents. Capital owners represent the top quintile of U.S. households while workers represent the remainder. Our tractable model allows us to exactly replicate the observed U.S. time paths of the top...

We identify an inflationary technology news shock as the leading source of business cycle variations for the postwar U.S. economy. This shock acts like a demand shock: it induces strong positive comovement in real quantities - GDP, consumption, investment - and weak positive comovement between...