Autori: KOH, Dongya , Santaeulàlia-Llopis, Raül , Zheng, Yu
Titolo: Labor share decline and intellectual property products capital
Periodico: European University Institute of Badia Fiesolana (Fi). Department of Economics - Working papers
Anno: 2015 - Fascicolo: 5 - Pagina iniziale: 1 - Pagina finale: 32

We study the behavior of the US labor share over the past 65 years. We find that intellectual property products (IPP) capital entirely accounts for the observed decline of the US labor share, which otherwise is secularly constant for structures and equipment capital. The decline of the labor share reflects that the US is undergoing a transition to a more IPP capital-intensive economy. This result has essential implications for the US macroeconomic model.


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