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The macroeconomics of automation: Data, theory, and policy analysis


Jaimovich, Nir; Saporta-Eksten, Itay; Siu, Henry; Yedid-Levi, Yaniv (2021). The macroeconomics of automation: Data, theory, and policy analysis. Journal of Monetary Economics, 122:1-16.

Abstract

The decline in middle-wage occupations and rise in automation over the last decades are at the center of policy discussions. We develop an empirically relevant general equilibrium model that features endogenous labor force participation, occupational choice, and automation capital. We use the model to consider two types of policies: the retraining of workers who were adversely affected by automation, and redistribution policies that transfer resources to these workers. Our framework emphasizes general equilibrium effects such as displacement effects of retraining programs, complementarities between the factors of production, and the effects of distortionary taxation that is required to fund these programs.

Abstract

The decline in middle-wage occupations and rise in automation over the last decades are at the center of policy discussions. We develop an empirically relevant general equilibrium model that features endogenous labor force participation, occupational choice, and automation capital. We use the model to consider two types of policies: the retraining of workers who were adversely affected by automation, and redistribution policies that transfer resources to these workers. Our framework emphasizes general equilibrium effects such as displacement effects of retraining programs, complementarities between the factors of production, and the effects of distortionary taxation that is required to fund these programs.

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Additional indexing

Item Type:Journal Article, refereed, original work
Communities & Collections:03 Faculty of Economics > Department of Economics
Dewey Decimal Classification:330 Economics
Scopus Subject Areas:Social Sciences & Humanities > Finance
Social Sciences & Humanities > Economics and Econometrics
Uncontrolled Keywords:Polarization, automation, routine employment, labor force participation, universal basic income
Language:English
Date:1 September 2021
Deposited On:23 Aug 2021 10:54
Last Modified:15 Sep 2021 01:08
Publisher:Elsevier
ISSN:0304-3932
OA Status:Closed
Publisher DOI:https://doi.org/10.1016/j.jmoneco.2021.06.004
Related URLs:https://doi.org/10.5167/uzh-185103

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