LABOUR SHARE AND PRODUCTIVITY DYNAMICS

• 成果类型: Article
• 署名作者: Choi, Sekyu; Rios-Rull, Jose-Victor
• 署名单位: University of Bristol; University of Pennsylvania; University of London; University College London; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research
• 刊物名称: ECONOMIC JOURNAL
• ISSN/ISSBN: 0013-0133
• DOI: 10.1093/ej/ueaa137
• 发表日期: 2021
• 页码: 2856-2886
• 关键词: cyclical behavior; business cycles; equilibrium unemployment; putty-clay; MARKET; INVESTMENT; search; models; substitution; TECHNOLOGY

摘要

We pose technology shocks where the innovation is biased towards more recently installed plants. On one extreme. the shock is like a neutral technological shock, while on the other end it resembles investment-specific technological shocks. We embed these shocks in a model with putty-clay technology and estimate it requiring that the model replicates the volatility properties of the Solow residual and the overshooting property of the labour share of output. Our estimates show that putty-clay nature of technology, a time bias towards new plants and competitive wage setting replicate well the overshooting property.