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The fall of the labour income share in advanced economies

Author

Listed:
  • Ángel Estrada

    (Banco de España)

  • Eva Valdeolivas

    (Banco de España)

Abstract

La participación de las rentas del trabajo en el PIB es un determinante clave de variables económicas muy relevantes, como la competitividad, la inflación, la acumulación de capital humano, la demanda y la distribución de la renta. Los modelos económicos más sencillos predicen que la participación de las rentas del trabajo fluctuará en torno a un valor de equilibrio estable de largo plazo. Sin embargo, en las tres últimas décadas se ha observado una tendencia a la baja en diversos países, especialmente en los desarrollados. Para identificar los motivos que subyacen a esta tendencia, es necesario, en primer lugar, refinar la medición de esta variable, teniendo en cuenta, en concreto, el empleo no asalariado, el papel desempeñado por la economía no de mercado y el efecto de la reasignación sectorial de la actividad. En segundo lugar, se contrastan distintas explicaciones teóricas, tales como el efecto de factores tecnológicos (complementariedad entre el factor capital y el empleo cualificado), del comercio internacional y de cambios en la regulación de los mercados de producto y de trabajo, teniendo en cuenta la posición cíclica de la economía. Este análisis revela que los factores tecnológicos parecen ser los principales determinantes de esta tendencia, y que la participación de las rentas del trabajo es procíclica, pero se retrasa un año respecto a las fluctuaciones de la producción.

Suggested Citation

  • Ángel Estrada & Eva Valdeolivas, 2012. "The fall of the labour income share in advanced economies," Occasional Papers 1209, Banco de España.
    • Handle: RePEc:bde:opaper:1209
    as

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    References listed on IDEAS

    as
    1. Olympia Bover, 2008. "The Spanish Survey of Household Finances (EFF): description and methods of the 2005 wave," Occasional Papers 0803, Banco de España.
    2. Olympia Bover, 2008. "Oversampling of the wealthy in the Spanish Survey of Household Finances (EFF)," IFC Bulletins chapters, in: Bank for International Settlements (ed.), The IFC's contribution to the 56th ISI Session, Lisbon, August 2007, volume 28, pages 399-402, Bank for International Settlements.
    3. Sarai Criado & Adrian van Rixtel, 2008. "Structured finance and the financial turmoil of 2007-2008: and introductory overview," Occasional Papers 0808, Banco de España.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Jeronim Capaldo, 2014. "The Trans-Atlantic Trade and Investment Partnership: European Disintegration, Unemployment and Instability," GDAE Working Papers 14-03, GDAE, Tufts University.
    2. Michael Elsby & Bart Hobijn & Ayseful Sahin, 2013. "The Decline of the U.S. Labor Share," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 44(2 (Fall)), pages 1-63.
    3. Tangian, Andranik S., 2017. "Declining labor-labor exchange rates as a cause of inequality growth," Working Paper Series in Economics 104, Karlsruhe Institute of Technology (KIT), Department of Economics and Management.
    4. Ignacio Hernando & Pedro del Río & Irene Pablos, 2015. "Adjustment and growth prospects in the developed economies," Economic Bulletin, Banco de España, issue MAR, pages 29-44, March.
    5. repec:bde:journl:v:03:y:2015:p:02 is not listed on IDEAS

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    More about this item

    Keywords

    labour income share; biased technological change; skilled labour; international trade; business cycle;
    All these keywords.

    JEL classification:

    • E25 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Aggregate Factor Income Distribution
    • F62 - International Economics - - Economic Impacts of Globalization - - - Macroeconomic Impacts
    • J31 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Wage Level and Structure; Wage Differentials
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

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