Markups, Tobin's q, and the Increasing Capital Share
利用21个发达国家1870-2018年的数据，研究加成率能否解释资本收入份额的长期变动，发现加成率假说得到有力支持。
Abstract Increasing markups have recently gained prominence as a leading explanation for the increasing share of income going to capital since the 1980s. However, the existing analysis has been limited to the United States, covers only short periods, and generally does not control for potentially important confounders. Constructing data for the share of income going to capital and markups based on Tobin's q over the period 1870–2018 for 21 advanced countries, this research examines the ability of markups to explain the movements of income shares and the tendency for factor shares to converge toward constants in the long run. We find strong support for the markup hypothesis.