The Decline of the Labor Share: New Empirical Evidence

نویسندگان

چکیده

We use time series techniques to estimate the importance of four main explanations for decline US labor income share: rising firm markups, falling bargaining power workers, higher investment-specific technology growth, and more automated production processes. Identification is achieved with restrictions derived from a stylized model structural change. Our results point automation as driver share, although markups have played an important role in last 20 years. also find evidence capital-labor complementarity, suggesting that capital deepening may raised share. (JEL D21, D43, E25, J51, L23, O33, O41)

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ژورنال

عنوان ژورنال: American Economic Journal: Macroeconomics

سال: 2022

ISSN: ['1945-7707', '1945-7715']

DOI: https://doi.org/10.1257/mac.20190365