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- W1574300260 abstract "The social share of labour has been markedly decreasing over the period from 1975 to 1995 in Western European countries, while it has been rather stable in the US. This means that economies reacted to input price shocks, showing an ex post measure of the elasticity of substitution between capital and labour equal to the one in the US and larger in Europe. We argue that the main reason for this difference is the different degree of openness. European economies are more open, have a larger sector of tradable goods and rely more heavily on import of inputs. Conversely, the US present a pattern of macroeconomic variables fully consistent with the stylised facts that Kaldor pointed out in 1961 for closed economies. JEL Codes: E25 Keywords: The social share of labour, open economies vs closed economies, US, EU" @default.
- W1574300260 created "2016-06-24" @default.
- W1574300260 creator A5047457317 @default.
- W1574300260 creator A5062949077 @default.
- W1574300260 date "2013-10-26" @default.
- W1574300260 modified "2023-09-23" @default.
- W1574300260 title "La dinamica delle quote distributive negli Stati Uniti e in Europa: una nota" @default.
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- W1574300260 doi "https://doi.org/10.13133/2037-3651/11048" @default.
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