000			01154nam a22001577a 4500
999			_c515338 _d515338
008			210122b ||||| |||| 00| 0 eng d
100			_aLeblebicioglu, Asli and Weinberger, Ariel. _923677
245			_aCredit and the labour share: Evidence from US states
260			_aThe Economic Journal
300			_a130(630), Aug, 2020: p.1782-1816
520			_aWe investigate the role of credit markets as a cause for changes in the US labour share. Causal evidence is provided that the labour share declined between 0.8 and 1.2 percentage points following the interstate banking deregulation, explaining more than half of the overall reduction during that period. The lower costs of credit and greater bank competition in each state are mechanisms that led to the decline. To quantify the relationship between credit and factor payments, we calibrate a model with financial frictions and highlight financial development as a potential channel for the reduction in labour share observed globally. – Reproduced
650			_abanking deregulation _923678
773			_aThe Economic Journal
906			_aCREDIT MARKET - UNITED STATES
942			_cAR