Explaining the decline of China's labor share: A wide replication of Oberfield and Raval (2021)
使用Oberfield和Raval的方法，估计中国总体资本-劳动替代弹性在0.9到1之间，并发现技术偏向是劳动份额下降的主因。
Summary China's labor share has declined since late 1990s. Using the methodology developed by Oberfield and Raval, this paper estimates China's aggregate capital‐labor elasticity of substitution, leveraging the estimated micro‐level elasticities. The findings indicate that China's aggregate capital‐labor elasticity falls within the range of 0.9 to 1. Utilizing this estimated aggregate elasticity for labor share decomposition, we find that the bias of technical change emerges as the predominant factor driving the decline in labor share.