Monetary policy in the age of automation
Mostra el registre complet Registre parcial de l'ítem
- dc.contributor.author Fornaro, Luca
- dc.contributor.author Wolf, Martin
- dc.date.accessioned 2021-07-28T12:13:51Z
- dc.date.available 2021-07-28T12:13:51Z
- dc.date.issued 2022-09
- 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 expansions can increase output by inducing firms to invest and automate more, while having little impact on inflation and employment. A protracted period of weak demand might translate into less investment and deautomation, rather than into deflation and involuntary unemployment. Running the economy hot, through expansionary monetary and fiscal policies, may have a positive long run impact on labor productivity and wages. Technological advances that increase the scope for automation may give rise to persistent unemployment, unless they are accompanied by expansionary macroeconomic policies.ca
- dc.format.mimetype application/pdf*
- dc.identifier.uri http://hdl.handle.net/10230/48298
- dc.language eng
- dc.language.iso engca
- dc.rights.accessRights info:eu-repo/semantics/openAccessca
- dc.subject.keyword Monetary policyen
- dc.subject.keyword Automationen
- dc.subject.keyword Fiscal expansionsen
- dc.subject.keyword Hysteresisen
- dc.subject.keyword Liquidity trapsen
- dc.subject.keyword Secular stagnationen
- dc.subject.keyword Endogenous productivityen
- dc.subject.keyword Wagesen
- dc.subject.keyword Inflation
- dc.title Monetary policy in the age of automationca
- dc.type info:eu-repo/semantics/workingPaperca