Autore:
Morana, Claudio
Titolo:
Long.run growth and income distribution: evidence for Italy and the US.Periodico:
Università degli Studi del Piemonte Orientale 'A. Avogadro' : Facoltà di Economia - Dipartimento di Scienze Economiche e Metodi Quantitativi "SEMEQ" - QuaderniAnno:
2002 - Volume:
02 - Fascicolo:
42 - Pagina iniziale:
1 - Pagina finale:
49In this paper we investigate the long-run growth process in Italy and the US over the period 1920-2001, using a common trends model. Coherent with the neoclassical growth model, we find that long-run economic growth can be explained by two permanent shocks, namely a technological shock and a labour supply shock. Interestingly, technological progress has an initial negative impact on the wage share, and a successive positive, but transitory impact on income equality, pointing to a cycle in income distribution. On the other hand, the labour supply shock has a transitory and positive impact on the wage share for Italy, and a permanent and negative impact on the wage share for the US, possibly reflecting different labour market institutional characteristics. Hence, fluctuations in the distribution of income should be expected as a consequence of economic growth.
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