• Publications
  • Influence
Income Distribution and Macroeconomics
This paper analyzes the role of income distribution in macroeconomic analysis. The study demonstrates that the long-run equilibrium depends on the initial distribution of income. In accordance withExpand
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Workers, Machines, and Economic Growth
This paper models technology adoption as replacing workers by machines, which perform the same job in the production process. The paper shows that such modelling of technology adoption affectsExpand
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Informational overshooting, booms, and crashes
This paper offers an informational explanation to stock markets' booms and crashes. This explanation builds on the idea of 'informational overshooting': if market fundamentals change for an unknownExpand
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Technical Progress and Early Retirement
This paper claims that technical progress induces early retirement of older workers. It presents a model where human capital is technology specific, so that technical progress erodes some existingExpand
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Finance and Growth: Theory and New Evidence
This paper describes a feedback effect between real and financial development. The paper presents a new variable, which we call the cost of financial intermediation, through which the feedbackExpand
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Inequality and mobility
Acknowledging that wage inequality and intergenerational mobility are strongly interrelated, this paper presents a model in which both are jointly determined. The model enables us to study howExpand
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The Timing of Purchases and Aggregate Fluctuations
This paper analyzes how the decision of when to buy a durable good affects both non-durable consumption and business cycle dynamics. At the individual level, we show that the timing of durable goodsExpand
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Investment as a Process of Search
  • Joseph Zeira
  • Economics
  • Journal of Political Economy
  • 1 February 1987
This paper analyzes optimal capital accumulation in the face of "structural uncertainty," in which the firm does not fully know its own profit function and can discover it only through furtherExpand
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Technology and Labor Regulations
Many low skilled jobs have been substituted away for machines in Europe, or eliminated, much more so than in the US, while technological progress at the "top", i.e. at the high-tech sector, is fasterExpand
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Machines as Engines of Growth
This paper builds a model of growth through industrialization, as machines replace workers in a growing number of tasks. This enables the economy to experience long-run growth, as machines becomeExpand
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