2026-04-17T13:23:14Zhttps://recercat.cat/oai/request

oai:recercat.cat:10230/686522025-12-13T00:30:47Zcom_2072_6col_2072_452953

Monetary policy in the age of automation Fornaro, Luca Wolf, Martin Universitat Pompeu Fabra. Departament d'Economia i Empresa monetary policy automation fiscal expansions hysteresis liquidity traps secular stagnation endogenous productivity wages Macroeconomics and International Economics 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. 2024-11-14T10:09:57Z 2024-11-14T10:09:57Z 2021-07-01 2024-11-14T10:08:12Z info:eu-repo/semantics/workingPaper https://econ-papers.upf.edu/ca/paper.php?id=1794 http://hdl.handle.net/10230/68652 eng Economics and Business Working Papers Series; 1794 L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons http://creativecommons.org/licenses/by-nc-nd/3.0/es/ info:eu-repo/semantics/openAccess application/pdf application/pdf