In ‡ ation and Factor Shares ¤
نویسنده
چکیده
We use results from the literature on the determinants of price-cost margins to derive an equation relating labor's share of national income to the in ‡ation rate (as well as to the output gap, the unemployment rate and the capital stock per worker). The equation is tested with a panel of 15 OECD countries. We obtain a robust positive relationship between in ‡ation and the labor share. Our results suggest that disin ‡ation is not distributively neutral, provide empirical support for the distinct concern about price stability shown by trade unions and employers' organizations, and help explaining the negative impact of in ‡ation on growth. while Francisco Alcalá was visiting the IAE (CSIC). We thank seminar audiences at universities Autónoma de Barcelona, Murcia and Pompeu Fabra and, specially, Ramón Caminal for helpful comments and suggestions. We are the only responsible for remaining errors. Financial support from the Spanish Ministry of Education, DGESIC (PB97-1057), is gratefully acknowledged.
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