What Explains The Decline Of The U S Labor Share Of Income An Analysis Of State And Industry Level Data

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What Explains The Decline Of The U S Labor Share Of Income An Analysis Of State And Industry Level Data

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Author : Mr.Yasser Abdih
language : en
Publisher: International Monetary Fund
Release Date : 2017-07-24

What Explains The Decline Of The U S Labor Share Of Income An Analysis Of State And Industry Level Data written by Mr.Yasser Abdih 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 2017-07-24 with Business & Economics categories.

The U.S. labor share of income has been on a secular downward trajectory since the beginning of the new millennium. Using data that are disaggregated across both state and industry, we show the decline in the labor share is broad-based but the extent of the fall varies greatly. Exploiting a new data set on the task characteristics of occupations, the U.S. input-output tables, and the Current Population Survey, we find that in addition to changes in labor institutions, technological change and different forms of trade integration lowered the labor share. In particular, the fall was largest, on average, in industries that saw: a high initial intensity of “routinizable” occupations; steep declines in unionization; a high level of competition from imports; and a high intensity of foreign input usage. Quantitatively, we find that the bulk of the effect comes from changes in technology that are linked to the automation of routine tasks, followed by trade globalization.

What Explains The Decline Of The U S Labor Share Of Income An Analysis Of State And Industry Level Data

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Author : Mr.Yasser Abdih
language : en
Publisher: International Monetary Fund
Release Date : 2017-07-25

What Explains The Decline Of The U S Labor Share Of Income An Analysis Of State And Industry Level Data written by Mr.Yasser Abdih 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 2017-07-25 with Business & Economics categories.

The U.S. labor share of income has been on a secular downward trajectory since the beginning of the new millennium. Using data that are disaggregated across both state and industry, we show the decline in the labor share is broad-based but the extent of the fall varies greatly. Exploiting a new data set on the task characteristics of occupations, the U.S. input-output tables, and the Current Population Survey, we find that in addition to changes in labor institutions, technological change and different forms of trade integration lowered the labor share. In particular, the fall was largest, on average, in industries that saw: a high initial intensity of “routinizable” occupations; steep declines in unionization; a high level of competition from imports; and a high intensity of foreign input usage. Quantitatively, we find that the bulk of the effect comes from changes in technology that are linked to the automation of routine tasks, followed by trade globalization.

Understanding National Accounts Second Edition

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Author : Lequiller François
language : en
Publisher: OECD Publishing
Release Date : 2014-10-20

Understanding National Accounts Second Edition written by Lequiller François and has been published by OECD Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-10-20 with categories.

This is an update of OECD 2006 "Understanding National Accounts". It contains new data, new chapters and is adapted to the new systems of national accounts, SNA 2008 and ESA 2010.

Explaining The Decline In The Us Labor Share

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Author : Burkhard Heer
language : en
Publisher:
Release Date : 2022

Explaining The Decline In The Us Labor Share written by Burkhard Heer and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022 with categories.

This study provides evidence for the US that the secular decline in the labor share is not only explained by technical change or globalization, but also by the dynamics of factor taxation, automation capital (robots), and population growth. First, we empirically find indications of co-integration for the period from the last quarter of the 20th to the first decade of the 21st century. Permanent effects on factor shares emanate from relative factor taxation. The latter also have a lasting effect on the use of robots. Variance decompositions reveal that taxing contributes to changes in the two income shares and in automation capital. Second, we analyse and calibrate a neoclassical growth model extended to include factor taxation, automation capital, and capital adjustment costs. Labor and automation capital are perfect substitutes whereas labor and traditional capital are complements. The model replicates the dynamics of the observed functional income distribution in the US during the 1965-2015 period. Counterfactual experiments suggest that the fall in the labor share would have been significantly smaller if labor and capital income tax rates had remained at their respective level of the 1960s.

The Structural Determinants Of The Labor Share In Europe

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Author : Dilyana Dimova
language : en
Publisher: International Monetary Fund
Release Date : 2019-03-22

The Structural Determinants Of The Labor Share In Europe written by Dilyana Dimova 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 2019-03-22 with Business & Economics categories.

The labor share in Europe has been on a downward trend. This paper finds that the decline is concentrated in manufacture and among low- to mid-skilled workers. The shifting nature of employment away from full-time jobs and a rollback of employment protection, unemployment benefits and unemployment benefits have been the main contributors. Technology and globalization hurt sectors where jobs are routinizable but helped others that require specialized skills. High-skilled professionals gained labor share driven by productivity aided by flexible work environments, while low- and mid-skilled workers lost labor share owing to globalization and the erosion of labor market safety nets.

United States

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Author : International Monetary Fund. Western Hemisphere Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2018-07-03

United States written by International Monetary Fund. Western Hemisphere Dept. 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 2018-07-03 with Business & Economics categories.

Unemployment is low, inflation is well contained, and growth is set to accelerate. During the course of this administration, the economy is expected to enter the longest expansion in recorded U.S. history.

Understanding U S Wage Dynamics

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Author : Mr.Yasser Abdih
language : en
Publisher: International Monetary Fund
Release Date : 2018-06-15

Understanding U S Wage Dynamics written by Mr.Yasser Abdih 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 2018-06-15 with Business & Economics categories.

In this paper, we undertake empirical analysis to understand U.S. wage behavior since the beginning of the new millennium. At the macroeconomic level, we find that a productivity-augmented Phillips curve model explains the data fairly well. The model reveals that the upward pressure on wage growth from recent tightening in the labor market has been dampened by a persistent decline in trend labor productivity growth and the share of income that accrues to labor. These themes are reinforced and complemented at the micro-economic level. Lower regional unemployment puts an upward pressure on wages of individuals, although this effect has become weaker since 2008. But there is downward pressure on wages for individuals with occupations that are exposed to automation and offshoring, and in industries with a higher concentration of large firms. All these factors appear to play a role illustrating why it is difficult to single out any one culprit for the observed wage growth moderation.

World Economic Outlook October 2019

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Author : International Monetary Fund. Research Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2019-10-15

World Economic Outlook October 2019 written by International Monetary Fund. Research Dept. 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 2019-10-15 with Business & Economics categories.

Global growth is forecast at 3.0 percent for 2019, its lowest level since 2008–09 and a 0.3 percentage point downgrade from the April 2019 World Economic Outlook.

Labour Law And Economic Policy

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Author : Adrián Todolí-Signes
language : en
Publisher: Bloomsbury Publishing
Release Date : 2024-02-22

Labour Law And Economic Policy written by Adrián Todolí-Signes and has been published by Bloomsbury Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-02-22 with Law categories.

This book studies labour institutions from an economic perspective to justify their existence and the advantages that they bring to innovation, efficiency, productivity, and economic growth. The philosophical foundations of labour law rely on the protection of the weaker party of the employment contract. However, after 40 years of political neoliberalism, these justifications seem insufficient for achieving progress in the area of labour and employment rights. This book changes the narrative of why we need labour standards. It begins with a study of the reasons that gave rise to labour law in the context of the Industrial Revolution and its evolution, and moves on to analyse the current context dominated by globalisation and economic digitisation. It then proceeds to study the main justifications for intervention in the labour market in the current business-economic context on a global scale: economic growth; pre-distribution of wealth; a meritocratic allocation of working conditions and equality among workers. Using case studies and examples from across the EU, the UK, and the US, the book shows how the deregulation of labour markets harms innovation and the economy, especially when considering the challenges of platform work, algorithms, and AI. It demonstrates that labour standards such as the minimum wage, sectoral collective bargaining and collective rights, protection against dismissal and discrimination, occupational risk prevention, and social security are necessary for the economy to function properly.

Imf Research Bulletin Fall 2017

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Author : International Monetary Fund. Research Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2017-11-09

Imf Research Bulletin Fall 2017 written by International Monetary Fund. Research Dept. 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 2017-11-09 with Business & Economics categories.

The Fall 2017 IMF Research Bulletin includes a Q&A article covering "Seven Questions on the Globalization of Farmland" by Christian Bogmans. The first research summary, by Manmohan Singh and Haobing Wang is "Central Bank Balance Sheet Policies: Some Policy Implications." The second research summary is "Leaning Against the Windy Bank Lending" by Giovanni Melina and Stefania Villa. A listing of new IMF Working Papers and Staff Discussion Notes is featured, as well as new titles from IMF Publications. Information on IMF Economic Review is also included.