from country industry variation in the adoption of robots. Our model also implies that the productivity implications of … aging are ambiguous when technology responds to demographic change, but we should expect productivity to increase and labor …

In a seminal paper Graetz and Michaels (2018) find that robots increase labor productivity and TFP, lower output prices … industries leads to a sizable drop of the productivity effects, halving the effect size for labor productivity and insignificant … controlling for demographic workforce characteristics is essential for obtaining significant labor productivity effects and leads …

savings and investment. Jointly with meagre productivity growth, this implies a low natural rate of interest that conditions …, artificial intelligence, automation) may increase productivity growth but at the risk of having disruptive effects on employment …