The Micro-Level Anatomy of the Labor Share Decline*

IF 11.1 1区 经济学 Q1 ECONOMICS Quarterly Journal of Economics Pub Date : 2021-03-24 DOI:10.1093/QJE/QJAB002
Matthias Kehrig, Nicolas Vincent
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引用次数: 41

Abstract

The labor share in U.S. manufacturing declined from 62 percentage points (ppts) in 1967 to 41 ppts in 2012. The labor share of the typical U.S. manufacturing establishment, in contrast, rose by over 3 ppts during the same period. Using micro-level data, we document five salient facts: (1) since the 1980s, there has been a dramatic reallocation of value added toward the lower end of the labor share distribution; (2) this aggregate reallocation 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; (3) low labor share (LL) establishments benefit from high revenue labor productivity, not low wages; (4) they also enjoy a product price premium relative to their peers, pointing to a significant role for demand-side forces; and (5) they have only temporarily lower labor shares that rebound after five to eight years. This transient pattern has become more pronounced over time, and the dynamics of value added and employment are increasingly disconnected.
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劳动收入占比下降的微观剖析*
美国制造业的劳动收入占比从1967年的62个百分点下降到2012年的41个百分点。相比之下,美国典型制造业企业的劳动收入占比同期上升了3个百分点以上。使用微观层面的数据,我们记录了五个突出的事实:(1)自20世纪80年代以来,增加的价值向劳动份额分配的低端发生了戏剧性的再分配;(2)这种总再分配不是由于进入/退出,“超级明星”增长更快或大型机构降低了劳动份额,而是由于单位的劳动份额随着规模的增长而下降;(3)低劳动份额(LL)企业受益于高收入劳动生产率,而不是低工资;(4)它们还享有相对于同行的产品价格溢价,这表明需求方面的力量发挥了重要作用;(5)它们的劳动收入占比只是暂时较低,5到8年后才会反弹。随着时间的推移,这种短暂的模式变得更加明显,增值和就业的动态越来越脱节。
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来源期刊
CiteScore
24.20
自引率
2.20%
发文量
42
期刊介绍: The Quarterly Journal of Economics stands as the oldest professional journal of economics in the English language. Published under the editorial guidance of Harvard University's Department of Economics, it comprehensively covers all aspects of the field. Esteemed by professional and academic economists as well as students worldwide, QJE holds unparalleled value in the economic discourse.
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