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The impact of aging and automation on the macroeconomy and inequality

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  • Stähler, Nikolai

Abstract

We build a life-cycle model in which a representative firm produces a final good using routine and non-routine labor as well as traditional and automation capital (e.g. robots). Robots can substitute for routine labor. We show that both, population aging and higher robot productivity, foster the increased use of robotics. Population aging decreases and progress in robot technology increases long-run output per capita. In both cases, inequalities in labor income, wealth and consumption rise. Although expected advances in automation technologies are able to mitigate or even circumvent output losses in the aggregate and improve consumption possibilities for everyone, this comes at the cost of increased inequality because non-routine workers benefit disproportionately.

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  • Stähler, Nikolai, 2020. "The impact of aging and automation on the macroeconomy and inequality," Discussion Papers 30/2020, Deutsche Bundesbank.
    • Handle: RePEc:zbw:bubdps:302020
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    More about this item

    Keywords

    Life-Cycle model; Automation; Robots; Inequality;
    All these keywords.

    JEL classification:

    • J11 - Labor and Demographic Economics - - Demographic Economics - - - Demographic Trends, Macroeconomic Effects, and Forecasts
    • J23 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Labor Demand
    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • O49 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Other

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