Markiewicz, Agnieszka; Raciborski, Rafal - 2018
increase of the share of capital owners' income from risky capital leads to higher equity premium and a rise in their non …-risky, labor share of income reduces it. When we calibrate our model to match the empirical size of shifts in the last five decades …, we find that the negative impact of the higher labour share of income of capital owners dominates and brings the equity …