The main goal of this paper is to provide an integrated survey of the literature devoted to
identifying the drivers of structural change, broadly defined as the process of reallocation of …

This paper formalizes and quantifies the secular stagnation hypothesis, defined as a
persistently low or negative natural rate of interest leading to a chronically binding zero …

The labor share in US manufacturing declined from 61% in 1967 to 41% in 2012. The labor
share of the typical US manufacturing establishment, in contrast, rose by over 3 percentage …

Public administration research has documented a shift in the locus of discretion away from
street-level bureaucrats to “systems-level bureaucracies” as a result of new information …

We develop a framework to estimate the aggregate capital‐labor elasticity of substitution by
aggregating the actions of individual plants. The aggregate elasticity reflects substitution …

We build an endogenous growth model with automation (the replacement of low-skill
workers with machines) and horizontal innovation (the creation of new products). Over time …

In the background of the worldwide pursuit of sustainable economic development, some
developing countries with abundant resources are still facing problems of industrial …

We document that the decline in the labor income share since the 1950s has been
countered by a rise in the income share of capital goods that embody information and …

In this paper I ask which of the multiple mechanisms suggested in the literature are
quantitatively important for understanding the process of structural change. I build a model …

We take a fresh look at the aggregate and distributional effects of policies to liberalize
international capital flows—financial globalization. Both country‐and industry‐level results …