Automation and the displacement of labor by capital: asset pricing theory and empirical evidence
I examine the asset pricing implications of technological innovations that allow capital to displace labor: automation. I develop a theory in which firms with displaceable labor are negatively exposed to such technology shocks. In the model, firms optimally adopt technology to gain competitive advan...
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Format: | Journal article |
Language: | English |
Published: |
Elsevier
2022
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