期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2018
出版社：European Central Bank
摘要：Labor’s share of income has attracted interest in recent years reflecting itsapparent decline. These falls, witnessed across many countries, are usuallydeemed undesirable. Any such assertion, however, begs the questionof what is the socially optimal labor share. We address this question usinga micro-founded endogenous growth model calibrated on US data. Wefind that in our central calibration the socially optimal labor share is 17%(11 pp) above the decentralized equilibrium, calibrated to match the averageobserved in history. We also study the dependence of both long-rungrowth equilibria on model parameters and relate our results to Piketty’s“laws of Capitalism”. Finally, we demonstrate that cyclical movements infactor income shares are socially optimal and that the decentralized equilibriumtypically does not generate excess volatility.
关键词：Labor income share; Endogenous growth; Factor augmenting;endogenous technical change; Social optimum; Decentralized allocation
