Despite steady growth of the literature on labor income share, empirical studies are mostly limited to country-level analyses. At the sectoral level, data on labor income share are available only for advanced countries. This paper overcomes this constraint and provides some preliminary outcomes...

We study whether growth in the capital share (KS) of aggregate income (GDP) can explain equity portfolio returns in international stock markets as proposed by Lettau et al. (2019) for the U.S. market. We find that growth in local capital share has positive explanatory power for equity portfolio...

This paper analyses how increased offshoring impacts on labor income risk. It is therefore distinct from a large number of studies explaining the level effects of globalization on the labor market in that it takes a look at effects on the variability of incomes. It provides an assessment that...

This paper analyzes the impact increased offshoring has on labor income risk. It is therefore distinct from a large number of studies explaining the level effects of globalization on the labor market in that it takes a look at effects on second moments, i.e. the variance of incomes. It provides...

This paper reconsiders fiscal policy effectiveness in light of the recent economic crisis. It examines the fiscal policy approach advocated by the economics profession today and the specific policy actions undertaken by the Bush and Obama administrations. An examination of the labor market...

The paper evaluates the fiscal policy initiatives during the Great Recession in the United States. It argues that, although the nonconventional fiscal policies targeted at the financial sector dwarfed the conventional countercyclical stabilization efforts directed toward the real sector, the...

The openness to international trade and capital movements of industrialized countries has increased substantially during the recent decades. At the same time, most of these countries experienced a rise in income dispersion. Against this background, the paper analyzes empirically whether the...