A vast literature seeks to measure and explain the apparent decline in the labor share in
national income that has occurred in recent times in the United States and elsewhere. The …

Structural transformation refers to the reallocation of economic activity across the broad
sectors agriculture, manufacturing, and services. This review article synthesizes and …

In the wake of digitalization it is increasingly debated whether developing countries can
achieve economic prosperity through industrialization in the same manner as developed …

This paper formalizes and quantifies the secular stagnation hypothesis, defined as a
persistently low or negative natural rate of interest leading to a chronically binding zero …

An important class of active labor market policy has received little impact evaluation:
immigration barriers intended to raise wages and employment by shrinking labor supply …

We develop a framework to estimate the aggregate capital‐labor elasticity of substitution by
aggregating the actions of individual plants. The aggregate elasticity reflects substitution …

We document that nearly half of the global decline in agricultural employment was driven by
new cohorts entering the labor market. A new dataset of policy reforms supports an …

We assess the empirical importance of changes in income and relative prices for structural
transformation in the postwar United States. We explain two natural approaches to the data …

We document that job polarization—contrary to the consensus—has started as early as the
1950s in the United States: middle-wage workers have been losing both in terms of …

We document that the decline in the labor income share since the 1950s has been
countered by a rise in the income share of capital goods that embody information and …