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Labor share and growth in the long run

Peter McAdam, Slim Bridji and Matthieu Charpe

No 2251, Working Paper Series from European Central Bank

Abstract: This paper establishes some stylized facts of the long run relationship between growth and labor shares using historical data for the United States (1898-2010), the United Kingdom (1856-2010), and France (1896-2010). Performing individual country time-frequency analysis, we demonstrate the existence of long-term cycles in labor share of thirty to fifty years explaining a major part of the variance in the data. Further, the impact of labor share on growth changes sign with the frequency considered from negative at high frequencies to positive at low frequencies. Finally, the positive coefficient associated with the labor share at low frequencies increases over time. JEL Classification: E24, E25, N1

Keywords: growth; income distribution; labor share; wavelet analysis (search for similar items in EconPapers)
Date: 2019-03
New Economics Papers: this item is included in nep-gro, nep-his, nep-lma and nep-mac
Note: 50336
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