Seminario de Investigación del GIDE

El jueves 19 de agosto a las 13 horas tendrá lugar en modalidad virtual un Seminario de Investigación del GIDE titulado The Great Fall of Labor Share: Micro Determinants for EU Countries, de Alessandro Bellocchi (University of Urbino Carlo Bo).

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Resumen

The worldwide fall of labor share in recent decades is well documented, but its sources remain still unclear. Most of the recent empirical analysis rely on industry or aggregate macro data, downplaying the importance of heterogeneity among firms. In this paper we analyze micro panel data from Amadeus and seek to understand the dynamics of labor share in 19 sectors of the EU28. In our model firms are heterogeneous in capital stock, market power and technology. Labor share’s variations turn out to be driven by the complex interplay among these factors. We show that its decline in recent years reflects changes in capital deepening, technology progress and capital-labor substitution. Although institutional factors play a significant role in some industries, they appear to be less relevant than is usually believed for the aggregate economy. Specifically, non-linear terms for the capital-output ratio make the effect of capital accumulation on the labor share no longer trivial, e xplaining the observed heterogeneity within industries.

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