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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Automation and New Tasks: How Technology Displaces and Reinstates Labor
Daron Acemoglu,Pascual Restrepo +1 more
TL;DR: In this article, the authors present a framework for understanding the effects of automation and other types of technological changes on labor demand, and use it to interpret changes in US employment over the recent past.
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Concentrating on the Fall of the Labor Share
TL;DR: In this article, the authors discuss an explanation for the fall in share of labour in GDP based on the rise of "superstar firms" and find that sales will increasingly concentrate in a small number of firms and that industries where concentration rises most will have the largest declines in the labour share.
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Declining Competition and Investment in the U.S.
TL;DR: The U.S. business sector has under-invested relative to Tobin's Q since the early 2000's, and as discussed by the authors argue that declining competition is partly responsible for this phenomenon.
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The Missing Profits of Nations
TL;DR: In this paper, the authors estimate that close to 40% of multinational profits are shifted to low-tax countries each year by combining new macroeconomic statistics on the activities of multinational companies with the national accounts of tax havens and the world's other countries.
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Artificial Intelligence and Economic Growth
TL;DR: In this article, the authors examine the potential impact of artificial intelligence (A.I.) on economic growth and the division of income between labor and capital, and the linkages between A.I. and growth are mediated by firm-level considerations, including organization and market structure.
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Dynamic Olley-Pakes Productivity Decomposition with Entry and Exit
Marc J. Melitz,Sašo Polanec +1 more
TL;DR: In this article, the authors propose an extension of the productivity decomposition method developed by Olley & Pakes (1996), which provides an accounting for the contributions of both firm entry and exit to aggregate productivity changes.
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How to Construct Nationally Representative Firm Level data from the ORBIS Global Database
Sebnem Kalemli-Ozcan,Sebnem Kalemli-Ozcan,Sebnem Kalemli-Ozcan,Bent E. Sørensen,Bent E. Sørensen,Carolina Villegas-Sanchez,Vadym Volosovych,Vadym Volosovych,Sevcan Yesiltas +8 more
TL;DR: In this article, the authors describe the development of a firm-level global panel dataset for public and private companies based on the administrative microdataset ORBIS, provided commercially by Bureau van Dijk Electronic Publishing (BvD).
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Challenges to Mismeasurement Explanations for the U.S. Productivity Slowdown
Chad Syverson,Chad Syverson +1 more
TL;DR: The U.S. has been experiencing a slowdown in measured labor productivity growth since 2004 and a number of commentators and researchers have suggested that this slowdown is at least in part illusory, because real output data have failed to capture the new and better products of the past decade as discussed by the authors.
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Productivity and Misallocation in General Equilibrium
David Baqaee,Emmanuel Farhi +1 more
TL;DR: In this article, the authors provide a general non-parametric formula for aggregating microeconomic shocks in general equilibrium economies with distortions such as taxes, markups, frictions to resource reallocation, and nominal rigidities, and derive a formula showing how these two components are determined by structural microeconomic parameters such as elasticities of substitution, returns to scale, factor mobility, and network linkages.
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Changing Business Dynamism and Productivity: Shocks vs. Responsiveness
TL;DR: In this article, the authors infer that the pervasive post-2000 decline in job reallocation reflects weaker responsiveness in a manner consistent with rising adjustment frictions and not lower dispersion of shocks.