Robot adoption and inflation dynamics

• 成果类型: Article
• 署名作者: Basso, Henrique S.; Rachedi, Omar
• 署名单位: Banco de Espana; Universitat Ramon Llull; Escuela Superior de Administracion y Direccion de Empresas (ESADE)
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2025.103856
• 发表日期: 2025
• 关键词: POWER

摘要

Leveraging adoption U.S. metropolitan areas, automation reduces the sensitivity of inflation to unemployment. To rationalize this finding, we build a New Keynesian model with search frictions in the labor market where robot adoption flattens the Phillips curve. The key channel is the option value of automation: the threat of automating labor tasks alters effective workers' bargaining power, muting the wage sensitivity unemployment. We validate the relevance of this channel in the data by showing that robot adoption reduces the sensitivity of inflation to unemployment relatively more in highly unionized metropolitan areas.