skip to content
Can capital deepening explain the global decline in labor's share? Preview this item
ClosePreview this item
Checking...

Can capital deepening explain the global decline in labor's share?

Author: Andrew Glover, (College teacher); Jacob Short; Bank of Canada,
Publisher: [Ottawa] : Bank of Canada = Banque du Canada, 2019. ©2019
Series: Staff Working Paper (Bank of Canada), 2019-3.
Edition/Format:   eBook : Document : National government publication : EnglishView all editions and formats
Summary:
"We estimate an aggregate elasticity of substitution between capital and labor near or below one, which implies that capital deepening cannot explain the global decline in labor's share. Our methodology derives from transition paths in the neo-classical growth model. The elasticity of substitution is identified from the cross-country correlation between trends in the labor share and (a proxy for) the rental rate of  Read more...
Rating:

(not yet rated) 0 with reviews - Be the first.

Subjects
More like this

Find a copy in the library

&AllPage.SpinnerRetrieving; Finding libraries that hold this item...

Details

Genre/Form: Electronic books
Material Type: Document, Government publication, National government publication, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Andrew Glover, (College teacher); Jacob Short; Bank of Canada,
OCLC Number: 1083760982
Language Note: Includes abstracts in English and French.
Notes: Distributed by the Government of Canada Publishing and Depository Services Program (Weekly acquisitions list 2019-04).
"January 2019."
Description: 1 online resource (ii, 45 pages).
Series Title: Staff Working Paper (Bank of Canada), 2019-3.
Responsibility: by Andrew Glover and Jacob short.
More information:

Abstract:

"We estimate an aggregate elasticity of substitution between capital and labor near or below one, which implies that capital deepening cannot explain the global decline in labor's share. Our methodology derives from transition paths in the neo-classical growth model. The elasticity of substitution is identified from the cross-country correlation between trends in the labor share and (a proxy for) the rental rate of capital. Trends in labor's share and the rental rate are weakly correlated across countries, and inversely related in most samples. Previous cross-country estimates of this elasticity were substantially greater than one, which we show was partly due to omitted variable bias: earlier studies used investment prices alone to proxy for the rental rate, whereas the growth model relates rental rates to investment prices and consumption growth"--Abstract.

Reviews

User-contributed reviews
Retrieving GoodReads reviews...
Retrieving DOGObooks reviews...

Tags

Be the first.
Confirm this request

You may have already requested this item. Please select Ok if you would like to proceed with this request anyway.

Linked Data


Primary Entity

<http://www.worldcat.org/oclc/1083760982> # Can capital deepening explain the global decline in labor's share?
    a schema:CreativeWork, schema:MediaObject, schema:Book ;
    library:oclcnum "1083760982" ;
    library:placeOfPublication <http://id.loc.gov/vocabulary/countries/onc> ;
    schema:about <http://experiment.worldcat.org/entity/work/data/8892287179#Topic/economics> ; # Economics
    schema:about <http://experiment.worldcat.org/entity/work/data/8892287179#Topic/economy> ; # Economy
    schema:about <http://experiment.worldcat.org/entity/work/data/8892287179#Topic/errors_and_residuals> ; # Errors and residuals
    schema:about <http://experiment.worldcat.org/entity/work/data/8892287179#Topic/regression_analysis> ; # Regression analysis
    schema:about <http://experiment.worldcat.org/entity/work/data/8892287179#Topic/bias_of_an_estimator> ; # Bias of an estimator
    schema:about <http://experiment.worldcat.org/entity/work/data/8892287179#Topic/industrial_relations> ; # Industrial relations
    schema:about <http://experiment.worldcat.org/entity/work/data/8892287179#Topic/ordinary_least_squares> ; # Ordinary least squares
    schema:about <http://experiment.worldcat.org/entity/work/data/8892287179#Topic/income> ; # Income
    schema:about <http://experiment.worldcat.org/entity/work/data/8892287179#Topic/labour_economics> ; # Labour economics
    schema:about <http://experiment.worldcat.org/entity/work/data/8892287179#Topic/substitution_economie_politique> ; # Substitution (Économie politique)
    schema:about <http://experiment.worldcat.org/entity/work/data/8892287179#Topic/revenu> ; # Revenu
    schema:about <http://dewey.info/class/331/a15/> ;
    schema:about <http://experiment.worldcat.org/entity/work/data/8892287179#Topic/substitution_economics> ; # Substitution (Economics)
    schema:about <http://experiment.worldcat.org/entity/work/data/8892287179#Topic/linear_regression> ; # Linear regression
    schema:about <http://experiment.worldcat.org/entity/work/data/8892287179#Topic/instrumental_variables_estimation> ; # Instrumental variables estimation
    schema:about <http://experiment.worldcat.org/entity/work/data/8892287179#Topic/relations_industrielles> ; # Relations industrielles
    schema:about <http://experiment.worldcat.org/entity/work/data/8892287179#Topic/estimator> ; # Estimator
    schema:author <http://experiment.worldcat.org/entity/work/data/8892287179#Person/glover_andrew_college_teacher> ; # (College teacher) Andrew Glover
    schema:author <http://experiment.worldcat.org/entity/work/data/8892287179#Person/short_jacob> ; # Jacob Short
    schema:bookFormat schema:EBook ;
    schema:contributor <http://experiment.worldcat.org/entity/work/data/8892287179#Organization/bank_of_canada> ; # Bank of Canada,
    schema:copyrightYear "2019" ;
    schema:datePublished "2019" ;
    schema:description ""We estimate an aggregate elasticity of substitution between capital and labor near or below one, which implies that capital deepening cannot explain the global decline in labor's share. Our methodology derives from transition paths in the neo-classical growth model. The elasticity of substitution is identified from the cross-country correlation between trends in the labor share and (a proxy for) the rental rate of capital. Trends in labor's share and the rental rate are weakly correlated across countries, and inversely related in most samples. Previous cross-country estimates of this elasticity were substantially greater than one, which we show was partly due to omitted variable bias: earlier studies used investment prices alone to proxy for the rental rate, whereas the growth model relates rental rates to investment prices and consumption growth"--Abstract."@en ;
    schema:exampleOfWork <http://worldcat.org/entity/work/id/8892287179> ;
    schema:genre "National government publication"@en ;
    schema:genre "Electronic books"@en ;
    schema:genre "Government publication"@en ;
    schema:inLanguage "en" ;
    schema:isPartOf <http://worldcat.org/issn/1701-9397> ; # Staff working paper = Document de travail du personnel,
    schema:isPartOf <http://experiment.worldcat.org/entity/work/data/8892287179#Series/staff_working_paper_bank_of_canada> ; # Staff Working Paper (Bank of Canada) ;
    schema:name "Can capital deepening explain the global decline in labor's share?"@en ;
    schema:productID "1083760982" ;
    schema:url <https://www.deslibris.ca/ID/10099564> ;
    schema:url <http://epe.lac-bac.gc.ca/100/201/301/weekly_acquisitions_list-ef/2019/19-04/publications.gc.ca/collections/collection_2019/banque-bank-canada/FB3-5-2019-3-eng.pdf> ;
    schema:url <http://publications.gc.ca/collections/collection_2019/banque-bank-canada/FB3-5-2019-3-eng.pdf> ;
    wdrs:describedby <http://www.worldcat.org/title/-/oclc/1083760982> ;
    .


Related Entities

<http://experiment.worldcat.org/entity/work/data/8892287179#Person/glover_andrew_college_teacher> # (College teacher) Andrew Glover
    a schema:Person ;
    schema:familyName "Glover" ;
    schema:givenName "Andrew" ;
    schema:name "(College teacher) Andrew Glover" ;
    .

<http://experiment.worldcat.org/entity/work/data/8892287179#Person/short_jacob> # Jacob Short
    a schema:Person ;
    schema:familyName "Short" ;
    schema:givenName "Jacob" ;
    schema:name "Jacob Short" ;
    .

<http://experiment.worldcat.org/entity/work/data/8892287179#Series/staff_working_paper_bank_of_canada> # Staff Working Paper (Bank of Canada) ;
    a bgn:PublicationSeries ;
    schema:hasPart <http://www.worldcat.org/oclc/1083760982> ; # Can capital deepening explain the global decline in labor's share?
    schema:name "Staff Working Paper (Bank of Canada) ;" ;
    .

<http://experiment.worldcat.org/entity/work/data/8892287179#Topic/bias_of_an_estimator> # Bias of an estimator
    a schema:Intangible ;
    schema:name "Bias of an estimator"@en ;
    .

<http://experiment.worldcat.org/entity/work/data/8892287179#Topic/errors_and_residuals> # Errors and residuals
    a schema:Intangible ;
    schema:name "Errors and residuals"@en ;
    .

<http://experiment.worldcat.org/entity/work/data/8892287179#Topic/industrial_relations> # Industrial relations
    a schema:Intangible ;
    schema:name "Industrial relations"@en ;
    .

<http://experiment.worldcat.org/entity/work/data/8892287179#Topic/instrumental_variables_estimation> # Instrumental variables estimation
    a schema:Intangible ;
    schema:name "Instrumental variables estimation"@en ;
    .

<http://experiment.worldcat.org/entity/work/data/8892287179#Topic/linear_regression> # Linear regression
    a schema:Intangible ;
    schema:name "Linear regression"@en ;
    .

<http://experiment.worldcat.org/entity/work/data/8892287179#Topic/ordinary_least_squares> # Ordinary least squares
    a schema:Intangible ;
    schema:name "Ordinary least squares"@en ;
    .

<http://experiment.worldcat.org/entity/work/data/8892287179#Topic/regression_analysis> # Regression analysis
    a schema:Intangible ;
    schema:name "Regression analysis"@en ;
    .

<http://experiment.worldcat.org/entity/work/data/8892287179#Topic/relations_industrielles> # Relations industrielles
    a schema:Intangible ;
    schema:name "Relations industrielles"@fr ;
    .

<http://experiment.worldcat.org/entity/work/data/8892287179#Topic/substitution_economics> # Substitution (Economics)
    a schema:Intangible ;
    schema:name "Substitution (Economics)"@en ;
    .

<http://experiment.worldcat.org/entity/work/data/8892287179#Topic/substitution_economie_politique> # Substitution (Économie politique)
    a schema:Intangible ;
    schema:name "Substitution (Économie politique)"@fr ;
    .

<http://worldcat.org/issn/1701-9397> # Staff working paper = Document de travail du personnel,
    a bgn:PublicationSeries ;
    schema:hasPart <http://www.worldcat.org/oclc/1083760982> ; # Can capital deepening explain the global decline in labor's share?
    schema:issn "1701-9397" ;
    schema:name "Staff working paper = Document de travail du personnel," ;
    .


Content-negotiable representations

Close Window

Please sign in to WorldCat 

Don't have an account? You can easily create a free account.