| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13333 |
| DP13333 The Micro-Level Anatomy of the Labor Share Decline | |
| Matthias Kehrig; Nicolas Vincent | |
| 发表日期 | 2018-11-21 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | The aggregate labor share in U.S. manufacturing declined from 62 percentage points (ppt) in 1967 to 41 ppt in 2012. The labor share of the typical U.S. manufacturing establishment, in contrast, rose by over 3 ppt during the same period. Using micro-level data, we document a number of striking facts: (1) there has been a dramatic reallocation of value added to "hyper- productive" (HP) low-labor share establishments, with much more limited reallocation of inputs; (2) HP establishments have only temporarily lower labor shares that rebound after five to eight years to the level of their peers; (3) selection into HP status has become increasingly correlated with past size; (4) low labor shares are driven by high revenue total factor productivity (TFPR), not low wages; (5) employment has become less responsive to positive TFPR shocks over time; and (6) HP establishments enjoy a product price premium relative to their peers that causes their high (revenue) productivity, pointing to a significant role for demand-side forces. Counterfactual exercises indicate that selection along size is the primary driver of the fall in the aggregate labor share, with a smaller role for the decline in responsiveness. |
| 主题 | Industrial Organization ; Labour Economics ; Macroeconomics and Growth ; Monetary Economics and Fluctuations |
| 关键词 | Labor share Productivity Firm size distribution Relative prices |
| URL | https://cepr.org/publications/dp13333 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/542145 |
| 推荐引用方式 GB/T 7714 | Matthias Kehrig,Nicolas Vincent. DP13333 The Micro-Level Anatomy of the Labor Share Decline. 2018. |
| 条目包含的文件 | 条目无相关文件。 | |||||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
