| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16416 |
| DP16416 Monetary Policy in the Age of Automation | |
| Martin Wolf; Luca Fornero | |
| 发表日期 | 2021-08-01 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | 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 de-automation, 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. |
| 主题 | Macroeconomics and Growth ; Monetary Economics and Fluctuations |
| 关键词 | monetary policy Automation Fiscal expansions Hysteresis Liquidity traps Secular stagnation Endogenous productivity Wages |
| URL | https://cepr.org/publications/dp16416 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/545378 |
| 推荐引用方式 GB/T 7714 | Martin Wolf,Luca Fornero. DP16416 Monetary Policy in the Age of Automation. 2021. |
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