We estimate a New-Neoclassical Synthesis model of the business cycle with two investment shocks. The first, an investment-specific technology shock, affects the transformation of consumption into investment goods and is identified with the relative price of investment. The second shock affects...

Routine-biased technological change (RBTC), whereby routine-task jobs are replaced by machines and overseas labor, shifts demand towards high- and low-skill jobs, resulting in job polarization of the U.S. labor market. We test whether recessions accelerate this process. In doing so we establish...

"This comprehensive historical account tells the story of 200 years of financial panics in America, from 1819 up to the current economic downturn of 2020, showing how and why so many financial crises have occurred in the United States and offering solutions to avoiding these sorts of crises...