RICHMOND, Virginia, May 15 (TNSLrpt) -- The Federal Reserve Bank of Richmond issued the following white paper (No. 26-09) in May 2026 by Fernando Alvarez, Francisco Buera and Nicholas Trachter entitled "Technology Adoption and Optimal Policy."

Here are excerpts:

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We study optimal policy in a dynamic general equilibrium model where heterogeneous monopolistic competitive firms pay a fixed cost to adopt an exogenously growing frontier technology . . .

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