Wang and Wong develop a continuous-time labor-search model to assess the dynamic effects of generative AI (GenAI) on labor productivity and unemployment. The paper is motivated by conflicting …
This paper asks how much of postwar U.S. economic growth came from investment-specific technological change -- cheaper, more efficient new equipment -- as opposed to ordinary (Hicks-neutral) …
PublishedJournal of Monetary EconomicsPublished Sep 2025
The entrepreneurship rate in the United States—defined as the share of the labor force who own and actively manage a business with at least ten employees—declined by 26% between 1987 and 2015, a …