This article investigates the consequences of population aging for long-run economic growth perspectives. We introduce age specific heterogeneity of households into a model of endogenous technological change. We show that the model incorporates two standard specifications of horizontal...

How will the emergence of ChatGPT and other forms of artificial intelligence (AI) affect the skill premium? To address this question, we propose a nested constant elasticity of substitution production function that distinguishes among three types of capital: traditional physical capital...

In dieser Arbeit werden mittels eines Strukturellen Multivariaten Fehlerkorrekturmodells die Beziehungen zwischen den zwei stark integrierten asymmetrischen Volkswirtschaften Österreich und Deutschland untersucht. Im ersten Teil werden, auf Basis des dynamisch optimalen Verhaltens von...

We analyze the impact of status preferences on technological progress and long-run economic growth. For this purpose, we extend the standard relative wealth approach by allowing the two components of the representative household's wealth, physical capital and shares, to differ with respect to...

We investigate the effect of higher education on the evolution of inequality. In so doing we propose a novel overlapping generations model with three social classes: the rich, the middle class, and the poor. We show that there is an initial phase in which no social class invests in higher...

We introduce automation into the standard Solovian model of capital accumulation and show that (i) there is the possibility of perpetual growth, even in the absence of technological progress; (ii) the long-run economic growth rate declines with population growth, which is consistent with the...

We explore future job creation needs under conditions of demographic, economic, and technological change. First, we estimate the implications for job creation in 2020–2030 of population growth, changes in labor force participation, and the achievement of plausible target unemployment rates,...