-
首页
-
教学项目展开 / 收起
sidenav background教学项目
sidenav header background[4月30日] 宏观经济学Workshop
发布日期：2021-04-27 10:18 来源：
Title: Not a Typical Firm: The Joint Dynamics of Firms, Labor Shares, and Capital-Labor Substitution
Speaker：Joachim Hubmer (University of Pennsylvania)
时间：2021年4月30日 10:00 上午 北京，上海
加入 Zoom 会议
https://zoom.com.cn/j/92235953853?pwd=a2pDQllOK0JweGdNeHJuSFNoVHB4Zz09会议号：922 3595 3853
密码：446632Abstract：The decline in the U.S. labor share is far from uniform across firms. While the aggregate labor share has declined, especially in manufacturing, retail, and wholesale, the labor share of a typical firm in these industries has risen. This paper studies the dynamics of the substitution of capital for labor at the firm level and its implications for market structure and labor shares. We introduce a model of firm dynamics where firms make costly upfront investments to adopt the capital-intensive technologies required to automate additional tasks. Following a decline in the price of capital, large firms automate more of their tasks and become more capital intensive; while the median firm continues to operate a more labor-intensive technology. In line with firm-level data, our model generates transitions in which the labor share of the median firm increases at the same time as the aggregate labor share declines. We use an extension of our model that allows for endogenous markups to study the role of rising competition and reallocation towards more productive and higher-markup firms as another driver of the decline in the labor share during 1982–2012. We provide a quantitative decomposition showing that reallocation played a minor role in explaining the decline in the labor share in U.S. manufacturing but an important role in retail and other sectors. The substitution of labor with cheaper capital in a widening range of tasks played a more dominant role in explaining the decline of the manufacturing labor share.
Paper Download:
https://drive.google.com/file/d/1DtfaJ1ChyL4LXXXzQ1OqqDCW8xbqYS8x/view
About the speaker：Joachim Hubmer is an Assistant Professor in Economics Department at University of Pennsylvania. He received his PhD in Economics from Yale University in 2019. His research focuses on macroeconomics of technological change and inequality.
国家发展研究院官方微信
Copyright© 1994-2012 北京大学 国家发展研究院 版权所有, 京ICP备05065075号-1
保留所有权利，不经允许请勿挪用
-
首页
-
教学项目展开 / 收起
sidenav background教学项目
sidenav header background[4月30日] 宏观经济学Workshop
发布日期：2021-04-27 10:18 来源：
Title: Not a Typical Firm: The Joint Dynamics of Firms, Labor Shares, and Capital-Labor Substitution
Speaker：Joachim Hubmer (University of Pennsylvania)
时间：2021年4月30日 10:00 上午 北京，上海
加入 Zoom 会议
https://zoom.com.cn/j/92235953853?pwd=a2pDQllOK0JweGdNeHJuSFNoVHB4Zz09会议号：922 3595 3853
密码：446632Abstract：The decline in the U.S. labor share is far from uniform across firms. While the aggregate labor share has declined, especially in manufacturing, retail, and wholesale, the labor share of a typical firm in these industries has risen. This paper studies the dynamics of the substitution of capital for labor at the firm level and its implications for market structure and labor shares. We introduce a model of firm dynamics where firms make costly upfront investments to adopt the capital-intensive technologies required to automate additional tasks. Following a decline in the price of capital, large firms automate more of their tasks and become more capital intensive; while the median firm continues to operate a more labor-intensive technology. In line with firm-level data, our model generates transitions in which the labor share of the median firm increases at the same time as the aggregate labor share declines. We use an extension of our model that allows for endogenous markups to study the role of rising competition and reallocation towards more productive and higher-markup firms as another driver of the decline in the labor share during 1982–2012. We provide a quantitative decomposition showing that reallocation played a minor role in explaining the decline in the labor share in U.S. manufacturing but an important role in retail and other sectors. The substitution of labor with cheaper capital in a widening range of tasks played a more dominant role in explaining the decline of the manufacturing labor share.
Paper Download:
https://drive.google.com/file/d/1DtfaJ1ChyL4LXXXzQ1OqqDCW8xbqYS8x/view
About the speaker：Joachim Hubmer is an Assistant Professor in Economics Department at University of Pennsylvania. He received his PhD in Economics from Yale University in 2019. His research focuses on macroeconomics of technological change and inequality.
访问学者申请
EMAIL
北京大学
ENGLISH
