Wages, Profits, and Rent-Sharing

David Blanchflower, Andrew Oswald and Peter Sanfey

The Quarterly Journal of Economics, 1996, vol. 111, issue 1, 227-251

Abstract: The paper suggests a new test for rent-sharing in the U. S. labor market. Using an unbalanced panel from the manufacturing sector, it shows that a rise in a sector's profitability leads after some years to an increase in the long-run level of wages in that sector. The paper controls for workers' characteristics, for industry fixed effects, and for unionism. Lester's range of wages is estimated, for rent-sharing reasons alone, at approximately 24 percent of the mean wage.

Date: 1996
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Working Paper: Wages, Profits and Rent-Sharing (1992)
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