文章基本信息

标题：LABOR'S SHARE, THE FIRM'S MARKET POWER, AND TOTAL FACTOR PRODUCTIVITY
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作者：Robert Dixon ; Guay C. Lim
期刊名称：Economic Inquiry
印刷版ISSN：0095-2583
出版年度：2018
卷号：56
期号：4
页码：2058-2076
DOI：10.1111/ecin.12580
语种：English
出版社：Western Economic Association International
摘要：We investigate the relationship between labor's share, firm's market power, and the elasticity of output with respect to labor input using an approach based on an unobserved components model. The approach yields time‐varying estimates of market power and the elasticity. Evidence on the market power of firms (which we find to be rising since 2000) gives a deeper understanding of movements in labor's share and the labor wedge. The generated values of the elasticity yield revised estimates of total factor productivity growth which is informative about the extent of the downward bias inherent in traditional estimates which use labor's share as a proxy for the elasticity. (JEL O47, C32, E25)