Credit and the Labour Share: Evidence from US States
研究了信贷市场变化对美国劳动份额的影响，发现州际银行放松管制导致劳动份额下降0.8至1.2个百分点，信贷成本降低和银行竞争加剧是主要机制。
Abstract We investigate the role of credit markets as a cause for changes in the US labour share. Causal evidence is provided that the labour share declined between 0.8 and 1.2 percentage points following the interstate banking deregulation, explaining more than half of the overall reduction during that period. The lower costs of credit and greater bank competition in each state are mechanisms that led to the decline. To quantify the relationship between credit and factor payments, we calibrate a model with financial frictions and highlight financial development as a potential channel for the reduction in labour share observed globally.