*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.
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.