Progress in artificial intelligence and related forms of automation technologies threatens to reverse the gains that developing countries and emerging markets have experienced from integrating into the world economy over the past half century, aggravating poverty and inequality. The new...

We analyze global dynamics in the standard life-cycle model with production, showing that there can be a plethora of rational expectations dynamics, including "wobbly macro-dynamics". Depending on people's beliefs, the macroeconomy can bounce around infinitely, without converging, without...