期刊名称：CEMFI Working Papers / Centro de Estudios Monetarios y Financieros, Madrid
出版年度：2017
卷号：2017
出版社：Centro de Estudios Monetarios y Financieros, Madrid
摘要：We document that for a group of high-income countries (i) mean earnings of managers tend to growfaster than for non managers over the life cycle; (ii) the earnings growth of managers relative to nonmanagers over the life cycle is positively correlated with output per worker. We interpret this evidencethrough the lens of an equilibrium life-cycle, span-of-control model where managers invest in theirskills. We parameterize this model with U.S. observations on managerial earnings, the sizedistributionof plants and macroeconomic aggregates. We then quantify the relative importance ofexogenous productivity differences, and the size-dependent distortions emphasized in themisallocation literature. Our fi?ndings indicate that such distortions are critical to generate theobserved differences in the growth of relative managerial earnings across countries. Thus,observations on the relative earnings growth of managers become natural targets to discipline thelevel of distortions. Distortions that halve the growth of relative managerial earnings (a move from theU.S. to Italy in our data), lead to a reduction in managerial quality of 27% and to a reduction in outputof about 7% ? more than half of the observed gap between the U.S. and Italy. We ?find that crosscountryvariation in distortions accounts for about 42% of the cross-country variation in output perworker gap with the U.S.
关键词：Cross-country income differences; managers; distortions; management practices; size;distribution; skill investment.
