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Financial Frictions and the Persistence of History: A Quantitative Exploration
Buera, Francisco J.; Shin, Yongseok - National Bureau of Economic Research (NBER) - 2010
We quantify the role of financial frictions and the initial misallocation of resources in explaining development dynamics. Following a reform that triggers efficient reallocation of resources, our model economy with financial frictions converges slowly to the new steady state--it takes twice as...
Persistent link: https://www.econbiz.de/10008680925
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Capital Depreciation and Labor Shares Around the World: Measurement and Implications
Neiman, Brent; Karabarbounis, Loukas - National Bureau of Economic Research (NBER) - 2014
The labor share is typically measured as compensation to labor relative to gross value added ("gross labor share"), in part because gross value added is more directly measured than net value added. Labor compensation relative to net value added ("net labor share") may be more important in some...
Persistent link: https://www.econbiz.de/10010960437
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Declining Labor Shares and the Global Rise of Corporate Saving
Neiman, Brent; Karabarbounis, Loukas - National Bureau of Economic Research (NBER) - 2012
The stability of the labor share is a key foundation in macroeconomic models. We document, however, that the global labor share has significantly declined over the last 30 years. This decline was associated with a significant increase in corporate saving, generally the largest component of...
Persistent link: https://www.econbiz.de/10010592549
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The Global Decline of the Labor Share
Neiman, Brent; Karabarbounis, Loukas - National Bureau of Economic Research (NBER) - 2013
The stability of the labor share of income is a key foundation in macroeconomic models. We document, however, that the global labor share has significantly declined since the early 1980s, with the decline occurring within the large majority of countries and industries. We show that the decrease...
Persistent link: https://www.econbiz.de/10010785600
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The Return to Capital in China
Bai, Chong-En; Hsieh, Chang-Tai; Qian, Yingyi - National Bureau of Economic Research (NBER) - 2006
China's investment rate is one of the highest in the world, which naturally leads one to suspect that the return to … capital in China must be quite low. Using the data from China's national accounts, we estimate the rate of return to capital … in China. We find that the aggregate rate of return to capital averaged 25% during 1978-1993, fell during 1993-1998, and …
Persistent link: https://www.econbiz.de/10005084802
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Corporate Cash Holding in Asia
Horioka, Charles Yuji; Hagiwara, Akiko Terada- - National Bureau of Economic Research (NBER) - 2013
In this paper, we analyze the determinants of corporate saving in the form of changes in the stock of cash for 11 Asian economies using firm-level data from the Oriana Database for the 2002-2011 period. We find some evidence that cash flow has a positive impact on the change in the stock of...
Persistent link: https://www.econbiz.de/10010951047
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Robots: Curse or Blessing? A Basic Framework
Sachs, Jeffrey D.; Benzell, Seth G.; LaGarda, Guillermo - National Bureau of Economic Research (NBER) - 2015
Do robots raise or lower economic well-being? On the one hand, they raise output and bring more goods and services into reach. On the other hand, they eliminate jobs, shift investments away from machines that complement labor, lower wages, and immiserize workers who cannot compete. The net...
Persistent link: https://www.econbiz.de/10011252658
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The distribution of wealth and fiscal policy in economies with finitely lived agents
Benhabib, Jess; Bisin, Alberto - National Bureau of Economic Research (NBER) - 2009
We study the dynamics of the distribution of overlapping generation economy with finitely lived agents and inter-generational transmission of wealth. Financial markets are incomplete, exposing agents to both labor income and capital income risk. We show that the stationary wealth distribution is...
Persistent link: https://www.econbiz.de/10005829471
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Age, Luck, and Inheritance
Benhabib, Jess; Zhu, Shenghao - National Bureau of Economic Research (NBER) - 2008
We present a mechanism to analytically generate a double Pareto distribution of wealth in a continuous time OLG model with optimizing agents who have bequest motives, are subject to stochastic returns on capital and have uncertain lifespans. We disentangle, roughly, the contribution of...
Persistent link: https://www.econbiz.de/10005778528
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A Quantitative Analysis of the Evolution of the U.S. Wage Distribution: 1970-2000
Guvenen, Fatih; Kuruscu, Burhanettin - National Bureau of Economic Research (NBER) - 2007
In this paper, we construct a parsimonious overlapping-generations model of human capital accumulation and study its quantitative implications for the evolution of the U.S. wage distribution from 1970 to 2000. A key feature of the model is that individuals differ in their ability to accumulate...
Persistent link: https://www.econbiz.de/10004991900