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This paper proposes a Wicksellian alternative to the IS-LM/AS-AD model that serves as the centerpiece of most intermediate macroeconomics textbooks. The model has a simple, intuitive structure that is consistent with modern monetary theory and the actual operating procedures of the Federal...
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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...
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