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국문초록

영문초록

• The labor share fluctuation has been widely scrutinized recently. Is the labor share of income falling as many have argued over the last few years? How do we measure labor income when the economy is populated with those self-employed? What are the consequences of falling labor income? Rising inequality? Widespread adoption of robots? There are many methodological as well as empirical discussion to be addressed regarding how to measure labor income share and the cause and consequence of changing labor income share over time. This project bravely titled “the labor income share and fluctuations” attempts to clarify some recent research on the related topic and analyzes the changing trend in the labor share in South Korea. Specifically, in Chapter 1, Facundo Piguillem reviews the rich literature on the labor share over the last thirty years. He carefully examines the dispute over the fact that the labor share is globally declining, chronically reviewing the calculation of labor share, the associated criticism, and potential implications. In Chapter 2, Marco Di Pietro estimates a model with technology choice using South Korean data and shows that this model does a fairly good job of matching data moments in comparison to a standard mode with Cobb-Douglas production technology and a model with short- and long-run CES only. This model also does a good job of replicating the behavior of the labor share of income at short to medium-run frequencies. Finally, in Chapter 3, Sun-Bin Kim analyzes the changing trend of the labor share in South Korea and examines how much the decrease in the relative price of investment goods can explain the changing labor share.

목차

• Preface I
  
  Chapter 1. The labor share in the last thirty years (Facundo Piguillem) 1
  1.1 The traditional view and initial controversies 2
  1.2 The global decline of labor share 6
  1.3 Is there no measurement problem in the new estimations? 10
  1.4 If it is falling, could it be market power? 22
  1.5 Some ex-post discussions about the different approaches 27
  1.6 Some macroeconomic implications 34
  1.7 Conclusions 37
  
  Chapter 2. Estimated technology shocks and the labor income share (유동훈？Marco Di Pietro) 39
  2.1 The model 40
  2.2 Estimation 44
  2.3 Conclusion 51
  
  Chapter 3. Analyzing the changing trend in thelabor share of South Korea(한국 노동소득분배율 추세 변화의 원인 분석) (김선빈) 52
  3.1 서 론 52
  3.2 선행연구 56
  3.3 노동소득분배율 측정 및 추세 60
  3.4. 투자재 가격 변화에 따른 노동소득분배 추세 변화 70
  3.5 결 론 79
  
  References 81