A theory of the dynamics of factor shares

IF 4.3 2区经济学 Q1 BUSINESS, FINANCE

Journal of Monetary Economics Pub Date : 2024-11-01 DOI:10.1016/j.jmoneco.2024.103610

引用次数: 0

Abstract

This paper proposes a theory of the dynamics of factor shares within the context of an equilibrium model of endogenous innovation, growth, and cycles. Our deterministic model rests on two assumptions: (i) production requires two complementary inputs, capital, and labor, and (ii) technical progress is labor-saving and embodied in capital goods. The model’s unique equilibrium path displays recurring growth cycles, each consisting of an adoption and innovation phase, along which factor shares fluctuate within bounds. The interaction between factor prices and opportunities for labor-saving innovations brings about both persistent growth and aggregate oscillations through which it takes place. We provide evidence that the model-implied correlations between factor shares and the other labor market variables are consistent with the data.

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要素份额动态理论

本文在内生创新、增长和周期的均衡模型中提出了要素份额动态理论。我们的确定性模型基于两个假设：(i) 生产需要资本和劳动力这两种互补投入；(ii) 技术进步是节省劳动力的，并体现在资本产品中。该模型的唯一均衡路径显示了循环往复的增长周期，每个周期由采用阶段和创新阶段组成，沿此周期要素份额在一定范围内波动。要素价格与节省劳动力的创新机会之间的相互作用既带来了持续增长，也带来了总的振荡。我们提供的证据表明，模型推测的要素份额与其他劳动力市场变量之间的相关性与数据是一致的。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Monetary Economics Multiple-

CiteScore

7.20

自引率

4.90%

发文量

审稿时长

74 days

期刊介绍： The profession has witnessed over the past twenty years a remarkable expansion of research activities bearing on problems in the broader field of monetary economics. The strong interest in monetary analysis has been increasingly matched in recent years by the growing attention to the working and structure of financial institutions. The role of various institutional arrangements, the consequences of specific changes in banking structure and the welfare aspects of structural policies have attracted an increasing interest in the profession. There has also been a growing attention to the operation of credit markets and to various aspects in the behavior of rates of return on assets. The Journal of Monetary Economics provides a specialized forum for the publication of this research.