We document significant negative effects of exposure to increased automation at work on household wealth accumulation. Beyond the income and savings channels, we uncover a novel mechanism contributing to the negative wealth effects of automation that arises through the endogenous optimal portfolio decisions of households. We show that households rebalance their financial wealth away from the stock market in response to increased human capital risk induced by pervasive automation, thereby attaining lower wealth levels and relative positions in the wealth distribution. Our evidence suggests that the portfolio channel amplifies the inequality-enhancing effects of increased automation.

中文翻译：

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机器人会增加财富分散吗？

我们记录了工作中自动化程度的提高对家庭财富积累的显着负面影响。除了收入和储蓄渠道之外，我们还发现了一种新机制，该机制会导致通过家庭的内生最优投资组合决策产生的自动化带来的负面财富效应。我们表明，为了应对普遍自动化导致的人力资本风险增加，家庭重新平衡了他们的金融财富，使其远离股票市场，从而获得较低的财富水平和财富分配中的相对地位。我们的证据表明，投资组合渠道放大了自动化程度提高的不平等加剧效应。