The Elusive Explanation For The Declining Labor Share
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The Elusive Explanation For The Declining Labor Share
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Author : Gene M. Grossman
language : en
Publisher:
Release Date : 2021
The Elusive Explanation For The Declining Labor Share written by Gene M. Grossman and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021 with categories.
A vast literature seeks to measure and explain the apparent decline in the labor share in national income that has occurred in recent times in the United States and elsewhere. The culprits include technological change, increased globalization and the rise of China, the enhanced exercise of market power by large firms in concentrated product markets, the decline in unionization rates and the erosion in the bargaining power of workers in labor markets, and the changing composition of the workforce due to a slowdown in population growth and a rise in educational attainment. We review this literature, with special emphasis on the pitfalls associated with using cross-sectional data to assess this phenomenon and the reasons why the body of papers collectively explains the phenomenon many times over.
The Decline Of The Labor Share
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Author : Drago Bergholt
language : en
Publisher:
Release Date : 2019
The Decline Of The Labor Share written by Drago Bergholt 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.
We estimate a structural vector autoregressive model in order to quantify four main explanations for the decline of the US labor income share: (i) rising market power of firms, (ii) falling market power of workers, (iii) higher investmentspecific technology growth, and (iv) the widespread emergence of automation or robotization in production processes. Identification is achieved with theory robust sign restrictions imposed at medium-run horizons. The restrictions are derived from a stylized macroeconomic model of structural change. Across specifications we find that automation is the main driver of the long-run labor share. Firms' rising markups can, however, account for a significant part of the accelerating labor share decline observed in the last 20 years. Our results also point to complementarity between labor and capital, thus ruling out capital deepening as a major force behind declining labor shares. If anything, investment-specific technology growth has contributed to higher labor income shares in our sample.
Production Technology Market Power And The Decline Of The Labor Share
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Author : Agustin Velasquez
language : en
Publisher: International Monetary Fund
Release Date : 2023-02-10
Production Technology Market Power And The Decline Of The Labor Share written by Agustin Velasquez and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-02-10 with Business & Economics categories.
The labor share has been declining in the United States, and especially so in manufacturing. This paper investigates the role of capital accumulation and market power in explaining this decline. I first estimate the production function of 21 manufacturing sectors along time series and including time-varying markups. The elasticities of substitution for most sectors are estimated below one, implying that capital deepening cannot explain the labor share decline. I then track the long-run evolution of the labor share using the estimated production technology parameters. I decompose aggregate labor share changes into sector re-weights, capital-labor substitution, and market power effects. I find that the increase in market power, as reported in recent studies, can account for, at least, 76 percent of the labor share decline in manufacturing. Absent the rise in market power, the labor share would have remained constant in the second half of the 20th century.
Unraveling The Wage Output Disconnect The Role Of Labor Market Power
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Author : Melih Firat
language : en
Publisher: International Monetary Fund
Release Date : 2024-07-09
Unraveling The Wage Output Disconnect The Role Of Labor Market Power written by Melih Firat and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-07-09 with categories.
In this paper, we theoretically and empirically explore the role of firm labor market power in the wage-output relationship. We start by laying out a theoretical model with imperfect labor mobility between firms and sectors, which implies upward-sloping labor supply curves that firms face, allowing firms to have labor market power (i.e., wage markdown). Assuming firm heterogeneity under oligopsony, markdowns can be represented as a function of firm labor market share. The model implies that firms with higher labor market share, indicated by a higher payroll share in their respective sectors, exhibit a weaker relationship between the changes in wages and output. We test the model’s prediction using data from the European subsample of the ORBIS dataset spanning from 2000 to 2018. We find that: (i) the pass-through of firm value added growth to wage growth is lower for firms with a higher payroll share in their sectors, with about one-fifth of the pass-through disappearing in firms at the top 1 percentile of the payroll share distribution, relative to an atomic firm; (ii) this pattern holds across various subsamples and timeframes, and also after accounting for several alternative explanations; and (iii) the weakening in the link between value added and wages growth due to firm labor market power intensifies during the downturns in the labor market or in the overall economy.
Structural Change Market Concentration And Inequality
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Author : Yasuyuki Osumi
language : en
Publisher: Springer Nature
Release Date :
Structural Change Market Concentration And Inequality written by Yasuyuki Osumi and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on with categories.
Wage Led Growth
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Author : Engelbert Stockhammer
language : en
Publisher: Springer
Release Date : 2013-12-03
Wage Led Growth written by Engelbert Stockhammer and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-12-03 with Business & Economics categories.
This volume seeks to go beyond the microeconomic view of wages as a cost having negative consequences on a given firm, to consider the positive macroeconomic dynamics associated with wages as a major component of aggregate demand.
The Oxford Handbook Of The Law Of Work
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Author :
language : en
Publisher: Oxford University Press
Release Date : 2024-08-15
The Oxford Handbook Of The Law Of Work written by and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-08-15 with Law categories.
At the core of all societies and economies are human beings deploying their energies and talents in productive activities - that is, at work. The law governing human productive activity is a large part of what determines outcomes in terms of social justice, material wellbeing, and the sustainability of both. It is hardly surprising, therefore, that work is heavily regulated. This Handbook examines the 'law of work', a term that includes legislation setting employment standards, collective labour law, workplace discrimination law, the law regulating the contract of employment, and international labour law. It covers the regulation of relations between employer and employee, as well as labour unions, but also discussions on the contested boundaries and efforts to expand the scope of some laws regulating work beyond the traditional boundaries. Written by a team of experts in the field of labour law, the Handbook offers a comprehensive review and analysis, both theoretical and critical. It includes 60 chapters, divided into four parts. Part A establishes the fundamentals, including the historical development of the law of work, why it is needed, the conceptual building blocks, and the unsettled boundaries. Part B considers the core concerns of the law of work, including the contract of employment doctrines, main protections in employment legislation, the regulation of collective relations, discrimination, and human rights. Part C looks at the international and transnational dimension of the law of work. The final Part examines overarching themes, including discussion of recent developments such as gig work, online work, artificial intelligence at work, sustainable development, amongst others.
Applied Economic Research And Trends
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Author : Nicholas Tsounis
language : en
Publisher: Springer Nature
Release Date :
Applied Economic Research And Trends written by Nicholas Tsounis and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on with categories.
Accidental Conflict
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Author : Stephen Roach
language : en
Publisher: Yale University Press
Release Date : 2022-11-08
Accidental Conflict written by Stephen Roach and has been published by Yale University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-11-08 with Political Science categories.
The misguided forces driving conflict escalation between America and China, and the path to a new relationship "A timely, fluid, readable assessment of a testy and rapidly changing global relationship."--Kirkus Reviews (starred review) In the short span of four years, America and China have entered a trade war, a tech war, and a new Cold War. This conflict between the world's two most powerful nations wouldn't have happened were it not for an unnecessary clash of false narratives. America falsely blames its trade and technology threats on China yet overlooks its shaky saving foundation. China falsely blames its growth challenges on America's alleged containment of market-based socialism, ignoring its failed economic rebalancing. In a hard-hitting analysis of both nations' economies, politics, and policies, Stephen Roach argues that much of the rhetoric on both sides is dangerously misguided, amplified by information distortion, and more a reflection of each nation's fears and vulnerabilities than a credible assessment of the risks they face. Outlining the disastrous toll of conflict escalation between China and America, Roach offers a new road map to restoring a mutually advantageous relationship.
A Deep Dive Into Tax Buoyancy Comparing Estimation Techniques In A Large Heterogeneous Panel
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Author : Antoine Cornevin
language : en
Publisher: International Monetary Fund
Release Date : 2023-03-17
A Deep Dive Into Tax Buoyancy Comparing Estimation Techniques In A Large Heterogeneous Panel written by Antoine Cornevin and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-03-17 with Business & Economics categories.
This paper provides new empirical evidence on tax buoyancy (tax revenues responsiveness to changes in economic activity) over the period 1990-2020 using a large panel of 185 countries. This study compares short-term and long-term buoyancy coefficients for total tax revenues and different individual taxes by reviewing and contrasting a range of estimators. Our results broadly confirm the main body of the literature on long-term buoyancy hovering around one. We find evidence of lower estimates for short-term buoyancy relative to previous literature, suggesting a limited automatic stabilization power of taxes. As a robustness exercise, in addition to changes in tax rates, we introduce novel control variables for tax exemptions and bases to disentangle discretionary from automatic tax revenue changes. The marginal changes in the results when controlling for policy actions suggest that, on average, the economic cycle does not necessarily influence tax reforms.