Many economists have been concerned that automation will result in a loss of jobs. This work shows that is not the issue, and that the two main effects of automation are increased inequality and economic growth.
Public finance fellow Thomas Hogan analyzes the relationship between bank lending and the Federal Reserve's policy of paying interest on excess reserves (IOER).
This working paper is one of a series submitted for the Oct. 1, 2015, Baker Institute event "Currency Policy Then and Now: 30th Anniversary of the Plaza Accord."
Russell Green, David H. Papell, Ruxandra ProdanSeptember 16, 2015