Essays On Labor Share
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Essays On Labor Share
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Author : Il Hyun Cho
language : en
Publisher:
Release Date : 2017
Essays On Labor Share written by Il Hyun Cho and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with categories.
In this dissertation, I present three essays on labor share. The first chapter studies the effect of offshoring on the relative share of income going to labor and capital. It introduces offshoring in a model of heterogeneous firms with two intermediate inputs. The intermediate inputs are produced with a CES technology using two factors of production: labor and capital. Given the direction of labor-saving technical change, offshoring decreases the relative demand for labor, which thereby decreases labor share. Empirical studies of the World Input-Output Database (WIOD) show that in manufacturing industries in developed countries, the share of imported intermediate inputs, especially those that originate in developing countries, negatively affects labor share. The second chapter studies the effect of trade liberalization on labor share. It introduces technology upgrading in a model of trade in which heterogeneous firms use two inputs: labor and capital. The model allows for non-neutral technology upgrading and it uses a CES production function. The joint treatment of technology upgrading and export choices shows that trade liberalization can induce efficient firms to upgrade their technology. Given the direction of labor-saving technology upgrading, trade liberalization increases the relative demand for capital and decreases labor share. This model also explains why exporting firms are more capital intensive. The third chapter studies the effect of ICT use on the labor share in South Korean firms employing Workplace Panel Survey (WPS). The results robustly show that increasing ICT use decreases labor share in both manufacturing firms and non-manufacturing firms. It also finds that the decreasing the bargaining position of labor negatively affects labor share.
Three Essays On Labor
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Author : Mark Robinson
language : en
Publisher:
Release Date : 2023
Three Essays On Labor written by Mark Robinson and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023 with categories.
Chapter One: I contribute to the literature on the decline of the labor share in the United States by proposing a channel through which increasing household debt can lead to the decline of the labor share. Specifically, workers with lower net worth have lower reservation wages. Thus, workers in debt spend less time job-searching and accept lower-paying jobs. Focusing on the period between 1982 and 2016 - a time during which the labor share declined and household debt rose as a proportion of GDP - I describe a model which demonstrates that the lowering of household net worth may have caused a 12 percent decrease in mean wages, and caused the labor share to decline by 0.081 points. Since the labor share actually fell by 0.057 points in that period, the model ``over-explains'' the decline of the labor share. Chapter Two: What effect do labor-restricting policies have on how much people drive, and on carbon emissions? I model the effect of labor-restricting policies in the following way: I calibrate a model to match the United States in 2018, and also calibrate the model counterfactually to simulate what would have occurred had other policies been in effect. I compare the carbon emissions that result from the original calibration to the carbon emissions that result from the counterfactual-policy calibrations. The labor-restricting policies I consider are wage taxes, retirement mandates, and restrictions on time spent working. I find that, for all policies considered, reductions in work are associated with increases in driving but nonetheless lead to reductions in carbon emissions, due to overall declines in economic activity. Chapter Three: For the model introduced previously, I study transition paths for the following case: The model is originally in a steady-state and the agents expect the current policy regime to last forever; then they are surprised when the government announces and immediately enacts a policy change; they then expect the new policy regime to last forever. The policy changes I study are wage taxes and emissions taxes (either spent by the government or rebated). For each of these policy changes, the model economy begins in a baseline steady-state, then enters a transition lasting several periods, and eventually arrives at a new steady-state. During the transition, aggregate wealth gradually moves to its new steady-state value. Jump variables - such as aggregate consumption, driving, leisure, labor, and emissions - at first jump and then gradually move to their new steady-state values. Labor and emissions generally move in opposite directions, which apparently contradicts the idea that more work leads to more pollution. However, this contradiction is merely the temporary result of the fact that agents are spending down their aggregate wealth; thus they are consuming goods and services produced elsewhere, and are paying for labor to be done outside the model using wealth that was built up previously.
Labor Markets And Wage Determination
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Author : Clark Kerr
language : en
Publisher: Univ of California Press
Release Date : 1977-01-01
Labor Markets And Wage Determination written by Clark Kerr and has been published by Univ of California Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1977-01-01 with Business & Economics categories.
USA. Compilation of essays on labour market analysis and wage determination after 1946 - discusses the disaggregation of the labour market, effects of trade unionism on wage determination and income distribution, the impact of wage policy restraints on labour relations, etc. References and statistical tables.
Essays On Labor Market Dynamics
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Author : Christina Hyde Patterson
language : en
Publisher:
Release Date : 2019
Essays On Labor Market Dynamics written by Christina Hyde Patterson and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
This thesis consists of three chapters on labor market dynamics. In the first chapter, I show empirically that the unequal incidence of recessions is a core channel through which aggregate shocks are amplified. I show that the aggregate marginal propensity to consume (MPC) is larger when income shocks disproportionately hit high-MPC individuals, and I define the Matching Multiplier as the increase in the output multiplier originating from the matching of workers to jobs with different income elasticities - a greater matching multiplier translates into more powerful amplification in a range of business cycle models. Using administrative data from the United States, I document that the earnings of individuals with a higher marginal propensity to consume are more exposed to recessions. I show that this covariance between worker MPCs and the elasticity of their earnings to GDP is large enough to increase shock amplification by 40 percent over a benchmark in which all workers are equally exposed. Using local labor market variation, I validate this amplification mechanism by showing that areas with higher matching multipliers experience larger employment fluctuations over the business cycle. Lastly, I derive a generalization of the matching multiplier in an incomplete markets model and show numerically that this mechanism is quantitatively similar within this structural framework. In the second chapter, joint with David Autor, David Dorn, Lawrence Katz, and John Van Reenen, we explore the well-documented fall of labor's share of GDP in the United States and many other countries. Existing empirical assessments typically rely on industry or macro data, obscuring heterogeneity among firms. In this paper, we analyze micro panel data from the U.S. Economic Census since 1982 and document empirical patterns to assess a new interpretation of the fall in the labor share based on the rise of "superstar firms." If globalization or technological changes advantage the most productive firms in each industry, product market concentration will rise as industries become increasingly dominated by superstar firms. Since these firms have high markups and a low labor share of firm value-added and sales, this depresses the aggregate labor share. We empirically assess seven predictions of this hypothesis: (i) industry sales will increasingly concentrate in a small number of firms; (ii) industries where concentration rises most will have the largest declines in the labor share; (iii) the fall in the labor share will be driven largely by reallocation rather than a fall in the unweighted mean labor share across all firms; (iv) the between-firm reallocation component of the fall in the labor share will be greatest in the sectors with the largest increases in market concentration; (v) the industries that are becoming more concentrated will exhibit faster growth of productivity and innovation; (vi) the aggregate markup will rise more than the unweighted firm markup; and (vii) these patterns should be observed not only in U.S. firms, but also internationally. We find support for all of these predictions. In the third chapter, I explore how the distribution of tasks across industries affects labor market responses to shocks. I present a model in which task-level wages connect industries employing the same tasks, meaning that the distribution of tasks across industries insures some workers against shocks and alters their labor market experiences. Workers trained in more dispersed tasks (e.g. accountants) face less unemployment risk from industry-specific shocks than workers who do tasks that are concentrated in few industries (e.g. petroleum engineers). Using industry and regional data, I show empirical evidence that supports the model's predictions - industries that employ more specialized labor contract less in response to demand shocks than industries with less specialized labor. JEL Classifications: E21, J23, D33
Essays On Labor Markets And Inequality
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Author : Emilien Gouin-Bonenfant
language : en
Publisher:
Release Date : 2019
Essays On Labor Markets And Inequality written by Emilien Gouin-Bonenfant and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
In the first chapter, I propose a tractable model of the labor share that emphasizes the interaction between labor market imperfections and productivity dispersion. I bring the model to the data using an administrative dataset covering the universe of firms in Canada. As in the data, most firms have a high labor share, yet the aggregate labor share is low due to the disproportionate effect of a small fraction of large, extremely productive “superstar firms”. I find that a rise in the dispersion of productivity across firms leads to a decline of the aggregate labor share in favor of firm profit. The mechanism is that productivity dispersion effectively shields high-productivity firms from wage competition. Reduced-form evidence from cross-country and cross-industry data supports both the prediction and the mechanism. Through the lens of the model, rising productivity dispersion has caused the U.S. labor share to decline starting around 1990. In the second chapter, we propose a new, systematic approach for analyzing and solving heterogeneous-agent models with fat-tailed wealth distributions. Our approach exploits the asymptotic linearity of policy functions and the analytical characterization of the Pareto exponent to make the solution algorithm more transparent, efficient, and accurate with zero additional computational cost. As an application, we solve a heterogeneous-agent model that features persistent earnings and investment risk, borrowing constraint, portfolio decision, and endogenous Pareto-tailed wealth distribution. We find that a wealth tax is a “lose-lose” policy: the introduction of a 1% wealth tax (with extra tax revenue used as consumption rebate) decreases wage by 6.5%, welfare (in consumption equivalent) by 7.7%, and total tax revenue by 0.72%. In the third chapter, I propose a model of earnings dynamics and inequality within the firm. The model combines a production hierarchy with a “rank order tournament” promotion scheme. I motivate the theory by documenting three sets of facts using proprietary personnel data. First, most of inequality within the firm is between hierarchy levels rather than within. Second, there is on average very little upward mobility within the firm. Third, there is important heterogeneity in earnings trajectories. The model provides a positive theory of these facts and sheds light on the determinants of inequality within the firm.
Essays On The Impact Of Technological Progress On The U S Labor Markets
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Author : MUSA ORAK
language : en
Publisher:
Release Date : 2016
Essays On The Impact Of Technological Progress On The U S Labor Markets written by MUSA ORAK and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
This dissertation studies the impact of technological progress on various aspects of the U.S. labor markets such as the recent decline in the labor's share of income, job and wage polarization, rising income and wealth inequalities and skill accumulation. Chapter 1, "Capital-Task Complementarity and the Decline of the U.S. Labor Share of Income," studies how changes in occupational composition of the labor force contributes to the recent decline of the US labor share of income. Following the job polarization literature and classifying labor by tasks performed, I estimate unitary elasticity between equipment capital and labor performing non-routine tasks. This implies that income loss of labor em- ployed in routine task occupations is the main driver of the decline of the aggregate labor share. For a given path of technological change, decline of the labor share is larger when: (i) the substitutability between equipment capital and routine tasks is stronger, and (ii) equip- ment capital has a larger weight in production. Furthermore, a dynamic general equilibrium model shows that the impact of permanent technology shocks on the labor share gets smaller as the fraction of routine task labor declines. Consistent with this, the model predicts that the labor share should stabilize at around 55% in the long-run even if technological progress continues at its current pace. The model also documents that the fall in relative equipment capital prices alone can explain 72% of the decline of the labor share for the 1967-2013 period. Finally, repeating the analysis by disaggregating labor into educational groups reveals that the theory based on capital-task interactions improves on the capital-skill complementarity theory in explaining the decline of the labor share. Chapter 2, "Impact of Information Technology on the Labor Share: Evidence from the U.S. Sectoral Data," contributes to the debate over the relationship between capital deep- ening and the aggregate labor share from a sectoral perspective. The study focuses on a specific group of equipment capital: information and communication technology (ICT) capital and exploits various sectoral heterogeneities to characterize the conditions under which the surge in ICT capital cause the labor share to fall. First, I document significant capital- task complementarity at each sector. Second, decline in ICT capital prices turns out to have a positive impact on the labor share. However, gains of labor devoted to non-routine task occupations are offset by the losses of labor employed in routine task occupations when a sector has: (i) initially high load of employment in routine task occupations, and (ii) weak absolute complementarity between ICT capital and labor working in occupations associated with non-routine tasks. Since sectors satisfying these two conditions have compromised the majority of the economy, the aggregate labor share has exhibited a downward trend so far, leading to the illusion that information technology has been driving the labor share downwards. However, there are two promising facts concerning the future: in one hand, the share of these sectors in value added is persistently falling and on the other hand, the share of routine task employment continues to fall at every sector. Thus, once the structural shifts and within sectoral adjustments are completed, the decline in the labor share should revert back. Chapter 3, "Job Polarization, Skill Accumulation and Wealth Inequality," is one of the first attempts in literature to incorporate the job polarization idea into an otherwise standard incomplete markets model with heterogeneous agents in two dimensions: skills and idiosyn- cratic productivity shocks. This set up allows us to contribute to the existing literature in two ways: (i) linking job polarization with rising wealth concentration, and (ii) modeling the continuous rise in skill supply in response to technological progress and job polarization accompanying it over time. When calibrated and solved for the years 1981 and 2011, the model shows that the decline in relative computer (ICT) capital prices alone accounts for a significant portion of the increases in employment share and relative wages of high skill occupations, as well as the increase in the supply of labor with a college or above-college degree. Consistent with the routinization hypothesis, the model also shows that advances in computer technology can account for most of the decline of the employment share and rela- tive wage of middle class over the three decades between 1981 and 2011. Furthermore, the model successfully captures the erosion of middle-class wealth, whereas wealth concentration rises substantially at the right tail and slightly at the left tail of the wealth distribution.
Growth Productivity Unemployment
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Author : Robert M. Solow
language : en
Publisher: MIT Press
Release Date : 1990
Growth Productivity Unemployment written by Robert M. Solow and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1990 with Business & Economics categories.
The essays in this book extend and elaborate on many of the important ideas Solow has either originated or developed in the past three decades.
An Essay On The Relations Between Labour And Capital
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Author : C. Morrison
language : en
Publisher:
Release Date : 1854
An Essay On The Relations Between Labour And Capital written by C. Morrison and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1854 with Labor categories.
Essays In Labor Economics
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Author : Andrea Mattia
language : en
Publisher:
Release Date : 2023
Essays In Labor Economics written by Andrea Mattia and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023 with categories.
This thesis consists of two papers in the field of labor economics.The first paper is titled ”The Distribution of Value of Time: An Analysis from Traffic Congestion and Express Lanes”. The value of time (VOT) determines the allocation of non-labor time to tasks and is crucial in travel demand and infrastructure, where congestion is a major source of loss. A large literature has estimated the mean VOT over a variety of subpopulations, but commuting choices and welfare effects of congestion policies depend on the individual VOT of the policy-relevant population. In this paper, I estimate the full VOT distribution for a population of drivers, using a rich new dataset in the unique context of highway Express Lanes (ELs), which offer time savings in exchange for a toll. A continuous function of traffic density sets the toll and rounds it to the nearest USD0.25, creating 32 separate discontinuities which provide identifying variation. The analysis is divided into three parts. First, using an RDD, I show that EL drivers have a mean VOT of USD66.56 per hour saved, substantially exceeding estimates from the literature. Second, the full VOT distribution for all drivers, which rationalizes EL aggregate traffic shares and RD results, shows wide heterogeneity: the median is USD17.42 per hour and the 95th percentile is USD166.05. Third, I build a structural model that endogenizes departure time (a key form of adjustment) to assess the welfare consequences of a range of counterfactual policies. I find that the EL is welfare-reducing because the value of the increase in travel times for non-users outweighs the benefits for users by USD25.68 per year, more than what half of drivers spend on the EL in a year.The second paper is titled ”The dynamics of the earnings gap between spouses in the United States and Europe”. When husbands in heterosexual couples prefer to be the primary earners, women's outcomes both during and before marriage can be negatively affected. Some papers claimed that the distribution of the wife's share of household earnings has missing mass to the right of 0.5 and attributed this regularity to a “male breadwinner” norm. If this norm exists, economic theory predicts that spouses would respond to violations of the norm ex-post, or prevent ex-ante violations. These responses do not emerge from the static distribution of the earnings gap between spouses, but from its dynamics. To test the theory, I provide the first dynamic analysis of the earnings gap, characterize its Markov transition matrix and the persistence of its shocks. The methodology is easily replicable, because it only requires a two-year panel of both spouses' earnings. The gap converges to a stationary distribution that reproduces extremely well the static distribution of the wife's share of earnings. Shocks to the earnings gap are more persistent when they are close to the quantile of the initial gap. Finally, the local transition of the earnings gap around 0 is driven by couples bunched exactly at 0 earnings gap. The behavior of spouses with similar earnings is not consistent with them holding a male breadwinner norm. When the wife earns slightly more than the husband, in the following period it is more likely that the husband earns more without any spouses' response. All the results hold true across the US and 20 European countries.
Essays On Labor Economics
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Author : Joanne Tan
language : en
Publisher:
Release Date : 2018
Essays On Labor Economics written by Joanne Tan and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.
This thesis examines the themes of sorting, inequality and the impact of technological change on the labor market. In particular, it addresses the questions of how workers sort within and between firms and how this influences labor market inequality, both in the workforce as a while, as well as between demographic and skill groups. It also considers how changes in technology affects the labor market conditions faced by workers and firms. These questions are tackled over three chapters. The first chapter, entitled `Multidimensional heterogeneity and matching in a frictional labor market - an application to polarization' deals with the sorting of workers to firms along multidimensional characteristics and quantifies the impact of technological change on the evolution of sorting patterns, wages and employment outcomes of different skill and demographic groups. I construct a model of directed search with two-sided multidimensional heterogeneity and estimate the model on US data. I find that production complementarities between cognitive and interpersonal skills and tasks have increased, relative to hat between manual skills and manual tasks. This change in production technology accounts for a large part of wage and job polarization in the US. Also, despite being gender-blind, the model can explain a substantial fraction of the narrowing of gender wage and job rank gaps from the 1980s to the present day. The second chapter, entitled `Intra-firm hierarchies and gender gaps' and coauthored with Nicolo Dalvit and Aseem Patel, studies the sorting of women into layers of hierarchy within firms, using administrative French data, and examines the incidence of gender wage and employment gaps across hierarchies over time. Further, by exploiting a policy on corporate board quotas in France, it assesses the impact of an increase in female leadership on gender wage and employment outcomes within firms. We find that hierarchies matter in gender wage and employment gaps. Gender wage and employment gaps increase with each layer of firm hierarchy, even if these gaps narrow more over time in the upper layers. In addition, improvements in top female leadership has differing impacts across hierarchies. While a greater share of female corporate board members narrows the gender wage gap in top layers of hierarchy, it has no such impact on lower layers. Instead, it increases the share of women in lower layers working part-time, at the expense of full-time employment. The opposite is true for women in upper layers. The third chapter, `Occupational Shortage and Labor Market Adjustments: a Theory of Islands', coauthored with Riccardo Zago, addresses the incidence of occupational shortage, and assesses whether it leads to wage and employment adjustments. Using a unique dataset on reported vacancies that firms find difficult to fill, we document the incidence of shortage across regions, industries and occupation groups. We find that shortage only leads to wage and employment adjustments in non-routine occupations, but not in routine occupations. We show how the secular decline of the routine occupations, caused by technological change, can account for the persistence in shortage in the routine sector and its inability to adjust.