Monetary policy in the age of automation

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dc.contributor.authorFornaro, Luca
dc.contributor.authorWolf, Martin
dc.contributor.otherUniversitat Pompeu Fabra. Departament d'Economia i Empresa
dc.date.accessioned2024-11-14T10:09:57Z
dc.date.available2024-11-14T10:09:57Z
dc.date.issued2021-07-01
dc.date.modified2024-11-14T10:08:12Z
dc.description.abstractWe provide a framework in which monetary policy affects firms' automation decisions (i.e. how intensively capital and labor are used in production). This new feature has far-reaching consequences for monetary policy. Monetary tightenings may depress firms' use of automation technologies and labor productivity, even permanently, while having a transitory impact on inflation and employment. A protracted period of weak demand might translate into less investment and de-automation, rather than into deflation and involuntary unemployment. Technological advances that increase the scope for automation may give rise to persistent unemployment, unless they are accompanied by expansionary macroeconomic policies.
dc.format.mimetypeapplication/pdf*
dc.identifierhttps://econ-papers.upf.edu/ca/paper.php?id=1794
dc.identifier.citation
dc.identifier.urihttp://hdl.handle.net/10230/68652
dc.language.isoeng
dc.relation.ispartofseriesEconomics and Business Working Papers Series; 1794
dc.rightsL'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons
dc.rights.accessRightsinfo:eu-repo/semantics/openAccess
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/3.0/es/
dc.subject.keywordmonetary policy
dc.subject.keywordautomation
dc.subject.keywordfiscal expansions
dc.subject.keywordhysteresis
dc.subject.keywordliquidity traps
dc.subject.keywordsecular stagnation
dc.subject.keywordendogenous productivity
dc.subject.keywordwages
dc.subject.keywordMacroeconomics and International Economics
dc.titleMonetary policy in the age of automation
dc.title.alternative
dc.typeinfo:eu-repo/semantics/workingPaper

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