We develop a macroeconomic theory of the division of household tasks between servants and own work and how it is affected by automation in households and firms. We calibrate the model for the U.S. and apply it to explain the historical development of household time use and the distribution of...

Due to the growing use of electronic media in the commercial area, and the need for prompt and timely information for making decisions as well as efficient and streamline use of time and resources; New internet business models have been developed. This study involves the analysis of data from 30...

Based on archival and survey data we show that the maturity of U.S. business loans has been continuously increasing since the mid-1930s when banks invented the term loan. Concurrently, bank innovation first involved the invention of credit analysis and covenant design. Later, bank innovation...

Spanish abstract: La política favorable al crecimiento económico se basa en la teoría económica de una sociedad descentralizada (de mercado) cuya actividad productiva se expande en el largo plazo en medio de altibajos gracias al cambio técnico y al surgimiento, una y otra vez, de diversos...

Schumpeterian growth theory has "operationalized" Schumpeter's notion of creative destruction by developing models based on this concept. These models shed light on several aspects of the growth process that could not be properly addressed by alternative theories. In this survey, we focus on...

The purpose of this paper is to consider environmental taxation which would control emissions of firms in a model of growth cycles. In the model presented below, the economy may experience two phases of growth and environmental quality: quot;the no-innovation growth regimequot; and quot;the...

We introduce endogenous directed technical change into numerical integrated climate and development policy assessment. We distinguish expenditures on innovation (R&D) and imitation (international technology spillovers) and consider the role of capital investment in creating and implementing new...

Increasing regulation, an oppressive macroeconomic environment and nondigital, cost-intensive processes are forcing incumbent banks to adapt their offers on the German smaller and medium-sized businesses (SMEs) market. The paradox is that banks can only cover a specific area of the lending...

This paper considers the implications for developing countries of a new wave of technological change that substitutes pervasively for labor. It makes simple and plausible assumptions: the AI revolution can be modeled as an increase in productivity of a distinct type of capital that substitutes...

This paper offers the first systematic historical evidence on the role of a central actor in modern growth theory - the engineer. It collects cross-country and state level data on the labor share of engineers for the Americas, and county level data on engineering and patenting for the US during...