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At the Richmond Fed: Talking Technology-Enabled Disruption

Author

Listed:
  • Charles Gerena

Abstract

Understanding the economic effects of technological change — and of the world-changing disruptions that new technologies may bring about — is important for central bankers. Maintaining price stability means paying attention to how technology empowers buyers to shop for lower prices, for example, adding pressure on the margins of sellers. Maintaining maximum employment means closely watching how technology restructures or eliminates jobs, adding pressure on the income gains and productivity growth of workers. Technology-enabled disruption also influences business investment: Companies facing one or more disruptive competitors may be moved to invest more — or become more cautious about expanding their capacity and investing in major capital projects.

Suggested Citation

  • Charles Gerena, 2023. "At the Richmond Fed: Talking Technology-Enabled Disruption," Econ Focus, Federal Reserve Bank of Richmond, vol. 23(3Q), pages 1-9.
    • Handle: RePEc:fip:fedrrf:96710
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    File URL: https://www.richmondfed.org/-/media/RichmondFedOrg/publications/research/econ_focus/2023/q3/at_the_richmond_fed.pdf
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