Firm heterogeneity and the aggregate labour share

Author:

Richiardi Matteo G.1,Valenzuela Luis23

Affiliation:

1. Centre for Microsimulation and Policy Analysis (CeMPA), Institute for Social and Economic Research, University of Essex Colchester UK

2. Center of Economics for Sustainable Development (CEDES) Faculty of Economics and Government, Universidad San Sebastián Concepción Chile

3. Millennium Institute on the Evolution of Work (MNEW) Santiago Chile

Abstract

AbstractWe propose a model‐based decomposition method for the aggregate labour share in terms of the first moments of the joint distribution of total factor productivity, market power, wages and prices, and apply it to UK manufacturing using firm‐level data for 1998–2014. Contrary to a narrative focussing on increasing disparities between firms, the observed decline in the aggregate labour share over the period is driven entirely by the decline in the labour share of the representative firm, mostly due to an increasing disconnect between average productivity and real wages. Changes in the dispersion of firm‐level variables have contributed to slightly contain this decline.

Funder

Agencia Nacional de Investigación y Desarrollo

Publisher

Wiley

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