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The Fall of the Labor Share and the Rise of Superstar Firms
TLDR
In this paper, the authors analyzed micro panel data from the U.S. Economic Census since 1982 and international sources and document empirical patterns to assess a new interpretation of the fall in the labor share based on the rise of "superstar firms."Citations
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The Micro-Level Anatomy of the Labor Share Decline
Matthias Kehrig,Nicolas Vincent +1 more
TL;DR: The authors found that since the 1980s, there has been a dramatic reallocation of value added toward the lower end of the labor share distribution in U.S. manufacturing, and this aggregate reallocating is not due to entry/exit, to "superstars" growing faster, or to large establishments lowering their labor shares, but is instead due to units whose labor share fell as they grew in size.
Journal ArticleDOI
The Aggregate and Distributional Effects of Financial Globalization: Evidence from Macro and Sectoral Data
TL;DR: In this article, the authors take a fresh look at the aggregate and distributional effects of policies to liberalize international capital flows and find that such policies have led on average to limited output gains while contributing to significant increases in inequality.
ReportDOI
A Theory of Falling Growth and Rising Rents
TL;DR: In this article, the authors propose a theory that the driving force for falling firm-level costs of spanning multiple markets, perhaps due to accelerating IT advances, is the most efficient firms (with higher markups) spread into new markets, thereby generating a temporary burst of growth.
Journal ArticleDOI
American hegemony: intellectual property rights, dollar centrality, and infrastructural power
TL;DR: In the face of continuous US current account deficits and a steadily worsening net international investment position, two mechanisms create a structural basis for the US dollar centrality as mentioned in this paper, and they are discussed in detail in Section 3.
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Growing Income Inequality in the United States and Other Advanced Economies
TL;DR: This article studied the contribution of both labor and non-labor income in the growth in income inequality in the United States and large European economies, finding that the capital to labor income ratio disproportionately increased among high-earnings individuals, further contributing to the growth of overall income inequality.
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About Capital in the Twenty-First Century
TL;DR: In this article, the authors present three key facts about income and wealth inequality in the long run emerging from my book, Capital in the Twenty-First Century, and seek to sharpen and refocus the discussion about those trends.
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The China Syndrome: Local Labor Market Effects of Import Competition in the United States
TL;DR: This paper analyzed the effect of Chinese import competition between 1990 and 2007 on US local labor markets, exploiting cross-market variation in import exposure stemming from initial diffe cerence to US labor markets.
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Industry Structure, Market Rivalry, and Public Policy
TL;DR: In this article, the authors take a critical view of contemporary doctrine in this area and present data which suggest that this doctrine offers a dangerous base upon which to build a public policy toward business.
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Market Size, Trade, and Productivity
TL;DR: In this article, the authors develop a monopolistically competitive model of trade with firm heterogeneity in terms of productivity differences and endogenous differences in the "toughness" of competition across markets.
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Computing Inequality: Have Computers Changed the Labor Market?
TL;DR: The authors examined the effect of technological change and other factors on the relative demand for workers with different education levels and on the recent growth of U.S. educational wage differentials and found that the increase in demand shifts for more-skilled workers in the 1970s and 1980s relative to the 1960s is entirely accounted for by an increase in within- industry changes in skill utilization rather than between-industry employment shifts.