Open AccessPosted Content
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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Accounting for Macro-Finance Trends: Market Power, Intangibles, and Risk Premia
Emmanuel Farhi,Francois Gourio +1 more
TL;DR: In this article, the authors use a simple extension of the neoclassical growth model to diagnose the nexus of forces that jointly accounts for these developments and find that rising market power, rising unmeasured intangibles, and rising risk premia play a crucial role.
Journal ArticleDOI
Capital-Labor Substitution, Structural Change and the Labor Income Share
TL;DR: This article found that the labor income share decline was more pronounced in manufacturing than in services in the U.S. and in a broad set of other industrialized economies, and showed that a model with cross-sectoral differences in productivity growth and in the degree of capital-labor substitutability is consistent with these trends.
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Heterogeneous Markups, Growth, and Endogenous Misallocation
TL;DR: In this article, a tractable endogenous growth model with heterogeneous firms, where misallocation stems from imperfectly competitive output markets, is proposed to study the link between misallocations and growth.
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Offshore Profit Shifting and Domestic Productivity Measurement
TL;DR: In this paper, the authors show how offshore profit shifting by U.S. multinational enterprises affects GDP and, thus, productivity measurement, and construct an alternative measure of value added that adjusts for profit shifting.
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The rise of zombie firms: causes and consequences
TL;DR: In this article, a ratcheting-up in the prevalence of zombies since the late 1980s was investigated and the authors found that this increase is linked to reduced financial pressure, which in turn seems to reflect in part the effects of lower interest rates.
References
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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.