price of capital necessarily cause gross and net labor shares to move in the same direction, whereas other shocks such as a …

rate is low, automatable and non-automatable goods are more substitutable in consumption, and when traditional capital is a …

information technology and the computer age, induced firms to shift away from labor and toward capital. The lower price of … influencing factor shares such as increasing profits, capital-augmenting technology growth, and the changing skill composition of …

, and offer a unified explanation for their trends. A global decline in the cost of capital beginning around 1980 induced … firms to shift away from labor and toward capital, financed in part with an increase in corporate saving. …

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 … has become flat at roughly 20% since 1998. This evidence suggests that the aggregate return to capital in China does not …

2003), and that this leads to the exclusion of more than $3 trillion of business intangible capital stock. To assess the … importance of this omission, we add capital to the standard sources-of-growth framework used by the BLS, and find that the … rate of change of output per worker increases more rapidly when intangibles are counted as capital, and capital deepening …

labor quality and to capital quantity and quality, leading to significant rearrangements of the growth pattern of MFP …

share of the population in working age everywhere. Conventional wisdom suggests that this will increase capital intensity … with falling rates of return to capital and increasing wages. This decreases welfare for middle aged agents with assets … ageing: investing abroad, endogenous human capital formation and increasing the retirement age. Although non of these …

We develop a framework to estimate the aggregate capital-labor elasticity of substitution by aggregating the actions of … elasticity reflects substitution within plants and reallocation across plants; the extent of heterogeneity in capital intensities …