Firm Ex Ante Heterogeneity, Entry and the Labour Share
构建包含企业异质性和企业动态的两部门实际商业周期模型，研究投资相对价格下降对劳动份额和资本密集度的影响，并用美国企业数据验证模型机制。
Abstract This paper considers a two-sector real business cycle model augmented with firm heterogeneity and firm dynamics, and studies the steady state and dynamic properties of the model in response to a decline in the relative price of investment. It shows that both firm heterogeneity and entry play a crucial role in the decline in the labour share and the increase in capital intensity observed in the US economy. Using ORBIS firm-level data of the US economy, the paper finds robust evidence consistent with the mechanisms described in the model.