@article{210,
  keywords = {Economic Fluctuations and Growth},
  author = {Gene Grossman and Elhanan Helpman and Ezra Obersfield and Thomas Sampson and E Oberfield and Thomas Sampson},
  title = {The productivity slowdown and the declining labor share: a neoclassical exploration},
  abstract = {We explore the possibility that a global productivity slowdown is responsible for the widespread decline in the labor share of national income. In a neoclassical growth model with endogenous human capital accumulation a la Ben Porath (1967) and capital-skill complementarity a la Grossman et al. (2017), the steady-state labor share is positively correlated with the rates of capital-augmenting and labor-augmenting technological progress. We calibrate the key parameters describing the balanced growth path to U.S. data for the early postwar period and find that a one percentage point slowdown in the growth rate of per capita income can account for between one half and all of the observed decline in the U.S. labor share.},
  year = {2017},
  journal = {Mimeo},
  pages = {1{\textendash}51},
  url = {http://www.nber.org/papers/w23853 http://www.cepr.org/active/publications/discussion_papers/dp.php?dpno=12342},
  doi = {10.3386/w23853},
  language = {eng},
}