Monetary policy in the age of automation
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- dc.contributor.author Fornaro, Luca
- dc.contributor.author Wolf, Martin
- dc.contributor.other Universitat Pompeu Fabra. Departament d'Economia i Empresa
- dc.date.accessioned 2024-11-14T10:09:57Z
- dc.date.available 2024-11-14T10:09:57Z
- dc.date.issued 2021-07-01
- dc.date.modified 2024-11-14T10:08:12Z
- dc.description.abstract We 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.mimetype application/pdf*
- dc.identifier https://econ-papers.upf.edu/ca/paper.php?id=1794
- dc.identifier.citation
- dc.identifier.uri http://hdl.handle.net/10230/68652
- dc.language.iso eng
- dc.relation.ispartofseries Economics and Business Working Papers Series; 1794
- dc.rights L'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.accessRights info:eu-repo/semantics/openAccess
- dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
- dc.subject.keyword monetary policy
- dc.subject.keyword automation
- dc.subject.keyword fiscal expansions
- dc.subject.keyword hysteresis
- dc.subject.keyword liquidity traps
- dc.subject.keyword secular stagnation
- dc.subject.keyword endogenous productivity
- dc.subject.keyword wages
- dc.subject.keyword Macroeconomics and International Economics
- dc.title Monetary policy in the age of automation
- dc.title.alternative
- dc.type info:eu-repo/semantics/workingPaper