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An Empirical Study of Labour’s Share in Income for Australia

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  • Macri, Joseph
  • Sinha, Dipendra

Abstract

Economists have long been studying the shares of labour and capital in income. Surprisingly, no such empirical studies exist for Australia. This paper looks at a number of variables that can affect labour’s share in income: unemployment, capacity utilisation, growth rate of GDP and changes in the price level. Our study finds that the wage share is inversely related to unemployment, capacity utilisation and the growth rate of GDP but positively related to changes in prices.

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File URL: http://mpra.ub.uni-muenchen.de/4018/
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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 4018.

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Date of creation: Jan 1999
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Handle: RePEc:pra:mprapa:4018

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Keywords: labour's share; Australia;

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  1. Nelson, Charles R. & Plosser, Charles I., 1982. "Trends and random walks in macroeconmic time series : Some evidence and implications," Journal of Monetary Economics, Elsevier, vol. 10(2), pages 139-162.
  2. Mirer, Thad W, 1973. "The Effects of Macroeconomic Fluctuations on the Distribution of Income," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 19(4), pages 385-406, December.
  3. Robert C. Feenstra & Gordon H. Hanson, 1995. "Foreign Direct Investment and Relative Wages: Evidence from Mexico's Maquiladoras," NBER Working Papers 5122, National Bureau of Economic Research, Inc.
  4. Granger, C. W. J. & Newbold, P., 1974. "Spurious regressions in econometrics," Journal of Econometrics, Elsevier, vol. 2(2), pages 111-120, July.
  5. Geary, Patrick T & Kennan, John, 1982. "The Employment-Real Wage Relationship: An International Study," Journal of Political Economy, University of Chicago Press, vol. 90(4), pages 854-71, August.
  6. Munley, Frank, 1981. "Wages, Salaries, and the Profit Share: A Reassessment of the Evidence," Cambridge Journal of Economics, Oxford University Press, vol. 5(2), pages 159-73, June.
  7. Henley, Andrew, 1987. "Labour's Shares and Profitability Crisis in the U.S.: Recent Experience and Post-war Trends," Cambridge Journal of Economics, Oxford University Press, vol. 11(4), pages 315-30, December.
  8. Phillips, P.C.B., 1986. "Understanding spurious regressions in econometrics," Journal of Econometrics, Elsevier, vol. 33(3), pages 311-340, December.
  9. Moseley, Fred, 1985. "The Rate of Surplus Value in the Postwar U.S. Economy: A Critique of Weisskopf's Estimates," Cambridge Journal of Economics, Oxford University Press, vol. 9(1), pages 57-79, March.
  10. Hahnel, Robin & Sherman, Howard, 1982. "The Rate of Profit over the Business Cycle," Cambridge Journal of Economics, Oxford University Press, vol. 6(2), pages 185-94, June.
  11. Blinder, Alan S & Esaki, Howard Y, 1978. "Macroeconomic Activity and Income Distribution in the Postwar United States," The Review of Economics and Statistics, MIT Press, vol. 60(4), pages 604-09, November.
  12. Perron, P, 1988. "The Great Crash, The Oil Price Shock And The Unit Root Hypothesis," Papers 338, Princeton, Department of Economics - Econometric Research Program.
  13. Rebecca M. Blank & Alan S. Blinder, 1985. "Macroeconomics, Income Distribution, and Poverty," NBER Working Papers 1567, National Bureau of Economic Research, Inc.
  14. Bils, Mark J, 1985. "Real Wages over the Business Cycle: Evidence from Panel Data," Journal of Political Economy, University of Chicago Press, vol. 93(4), pages 666-89, August.
  15. Dickey, David A & Fuller, Wayne A, 1981. "Likelihood Ratio Statistics for Autoregressive Time Series with a Unit Root," Econometrica, Econometric Society, vol. 49(4), pages 1057-72, June.
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