Research
Job Market Paper
Typical models of the transition to clean technology exclude cross-technology knowledge spillovers. Such spillovers are crucial for both describing the impact of a policy reform and prescribing optimal clean innovation policy.
with Masao Fukui and Yuhei Miyauchi
Transfers to regions facing adverse shocks must balance consumption insurance against incentives for efficient migration. We derive a sufficient statistics formula that balances these two forces in a large class of dynamic spatial models.
with Masao Fukui and Yuhei Miyauchi
In a spatial economy, we characterize the welfare impact of regional productivity shocks and how it deviates from Hulten's characterization. Our formula recovers Hulten's characterization whenever second-best spatial transfers are in place.
Most policy recommendations to address automation call for the taxation of capital. This Pigouvian view of automation oversimplifies capital's pecuniary externality on labor.