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Rent‐Sharing and Workers' Bargaining Power: An Empirical Cross‐Country/ Cross‐Industry Panel Analysis

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  • Philippe Askenazy
  • Gilbert Cette
  • Paul Maarek

Abstract

In this paper, we study how rents are shared between capital and labour, using industry‐level panel data for 19 OECD countries from 1988 through to 2007. The first step is an explanation of the rent‐creation process. We provide evidence of a significant impact of regulation on value‐added prices at the industry level relative to the value‐added price for the overall economy (rent). In the second step, we dissect the value‐added sharing process. By running ordinary least‐squares and instrumental variables estimations, we obtain results that confirm the Blanchard–Giavazzi prediction: the impact of rents on the capital share depends on workers' bargaining power.

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  • Philippe Askenazy & Gilbert Cette & Paul Maarek, 2018. "Rent‐Sharing and Workers' Bargaining Power: An Empirical Cross‐Country/ Cross‐Industry Panel Analysis," Scandinavian Journal of Economics, Wiley Blackwell, vol. 120(2), pages 563-596, April.
  • Handle: RePEc:bla:scandj:v:120:y:2018:i:2:p:563-596
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    File URL: https://doi.org/10.1111/sjoe.12228
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    Cited by:

    1. Gilbert Cette & Jimmy Lopez & Jacques Mairesse, 2018. "Rent creation and sharing: new measures and impacts on TFP," Working papers 674, Banque de France.

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