| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w28579 |
| 来源ID | Working Paper 28579 |
| Not a Typical Firm: The Joint Dynamics of Firms, Labor Shares, and Capital\u2013Labor Substitution | |
| Joachim Hubmer; Pascual Restrepo | |
| 发表日期 | 2021-03-22 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | While the US labor share has declined, especially in manufacturing and retail, the labor share of a typical firm has increased. This paper introduces a model where firms incur fixed costs to automate tasks. In response to lower capital prices, the model reproduces the labor share dynamics observed in the data: large firms automate more tasks, reducing the aggregate labor share; while the median firm continues to operate a labor-intensive technology with a rising labor share. Using our model, we decompose the labor share decline and the rise in concentration into a part driven by lower capital prices and a part driven by sales reallocation to more productive higher-markup firms. Reallocation played a minor role in explaining the labor share decline in manufacturing but an important role in retail and other sectors during 1982–2012. These conclusions are in line with estimates of markups and capital elasticities from Compustat. |
| 主题 | Macroeconomics ; Consumption and Investment |
| URL | https://www.nber.org/papers/w28579 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/586253 |
| 推荐引用方式 GB/T 7714 | Joachim Hubmer,Pascual Restrepo. Not a Typical Firm: The Joint Dynamics of Firms, Labor Shares, and Capital\u2013Labor Substitution. 2021. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w28579.pdf（1112KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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