000			01132nam a22001457a 4500
999			_c520657 _d520657
008			220930b ||||| |||| 00| 0 eng d
100			_aBergholt, D. Furlanetto,F. and Faccioli, N.M. _934695
245			_aThe decline of the labor share: New empirical evidence
260			_aAmerican Economic Journal: Macroeconomics
300			_a14(3), Jul, 2022: p.163-198
520			_aWe use time series techniques to estimate the importance of four main explanations for the decline of the US labor income share: rising firm markups, falling bargaining power of workers, higher investment-specific technology growth, and more automated production processes. Identification is achieved with restrictions derived from a stylized model of structural change. Our results point to automation as the main driver of the labor share, although rising markups have played an important role in the last 20 years. We also find evidence of capital-labor complementarity, suggesting that capital deepening may have raised the labor share. – Reproduced
773			_aAmerican Economic Journal: Macroeconomics
906			_aLABOURS
942			_cAR