*This is an in-person research workshop open to all members of the public. Please obtain your complimentary ticket here to RSVP.
About the talk:
The IT revolution, underway since around 1980, has featured mediocre growth and rising economic schisms. We attribute this to a swivel in the leading edge of productivity growth away from manufacturing to information technology housed in “superstar” cities. Using a spatial model, we show how this can explain: rising prosperity and rapid housing inflation in “superstar” cities; falling relative wages in towns and the countryside; mediocre aggregate productivity due to increasing misallocation of labor; and falling migration to centers of prosperity. As a result, the IT revolution generated slow growth and rising educational, generational, and geographic schisms rather than the broad prosperity experienced in the 1950s and 1960s.
Location:
Bush House, South East Wing, Room 1.05. See map here.
About the Speaker:
A graduate of Cambridge University and Stanford University, Dr. Tamim Bayoumi is a former Deputy Director of the International Monetary Fund, an institution he has been affiliated with for 32 years. Additionally, he was a senior fellow at the Peterson Institute for International Economics. He is also the author of multiple books, including Unfinished Business: The Unexplored Causes of the Financial Crisis and the Lessons Yet to be Learned.
