We summarize a framework for the study of the implications of automation and AI on the
demand for labor, wages, and employment. Our task-based framework emphasizes the …

What are the effects of recent advances in Generative AI on the value of firms? Our study
offers a quantitative answer to this question for US publicly traded companies based on the …

We argue that the US tax system is biased against labor and in favor of capital and has
become more so in recent years. As a consequence, it has promoted inefficiently high levels …

Accelerated depreciation policies decrease the cost of new investments by allowing firms to
deduct the new investments from their taxable income more quickly. Countries around the …

The economics literature has made important strides towards explaining the dynamics of
labor markets. While that literature focuses on studying labor markets at the individual …

We study how tax policies that lower the cost of capital impact investment and labor demand.
Difference-in-differences estimates using confidential Census Data on manufacturing …

We evaluate the effects of a Chinese accelerated depreciation policy that occurred in 2014
on firm investment. We present three findings. First, on average, the policy increased firms' …

The decline in middle-wage occupations and rise in automation over the last decades are at
the center of policy discussions. We develop an empirically relevant general equilibrium …

Based on a quasi-natural experiment of an accelerated depreciation tax policy (ADP) for
fixed assets in China, we examine the impact of the ADP on corporate cash holdings. Using …

This paper studies the asset pricing implications of a firm's opportunities to replace routine‐
task labor with automation. I develop a model in which firms optimally undertake such …