This paper studies the possibility of using financial regulation that prohibits the use of money substitutes as a tool for mitigating the adverse effects of deviations from the Friedman rule. When inflation is not too high regulation aimed at eliminating money substitutes improves welfare by...

This paper studies the possibility of using financial regulation that prohibits the use of money substitutes as a tool for mitigating the adverse effects of deviations from the Friedman rule. When inflation is not too high regulation aimed at eliminating money substitutes improves welfare by...

This paper establishes that the rise in the income share of information and communication technology accounts for half of the decline in labor income share in the United States. This decline can be decomposed into a sharp decline in the income share of "routine" labor-which is relatively more...

Is a five-day workweek followed by a two-day weekend a socially optimal schedule? This paper presents a model in which labor productivity and the marginal utility of leisure evolve endogenously over the workweek. Labor productivity is shaped by two forces: restfulness, which decreases over the...

Is a five-day workweek followed by a two-day weekend a socially optimal schedule? This paper presents a model in which labor productivity and the marginal utility of leisure evolve endogenously over the workweek. Labor productivity is shaped by two forces: restfulness, which decreases over the...

This paper establishes that the rise in the income share of information and communication technology accounts for half of the decline in labor income share in the United States. This decline can be decomposed into a sharp decline in the income share of ?routine? labor?which is relatively more...