This study examines international spillover effects on production automationof technological shocks. It employs a two-commodity, two-factor, two-countrymodel with automated production. International asymmetry in productionstructure is essential to understanding automation advances in countries...

Numerous empirical studies find that the spread between long- and short-term interest rates widens (narrows) prior to economic expansions (contractions), a phenomenon called the leading indicator property of the term spread (LIPTS). However, the theoretical mechanism underlying LIPTS remains...