Declining Labor Shares and the Global Rise of Corporate Saving
---- Acknowledgements -----
We thank Mark Aguiar, Martin Berka, Steve Davis, Gita Gopinath, Veronica Guerrieri, Bob Hall, Chang-Tai Hsieh, John Huizinga, Erik Hurst, Chad Jones, Anil Kashyap, Pete Klenow, Randy Kroszner, Guido Lorenzoni, Esteban Rossi-Hansberg, Douglas Skinner and seminar participants at Berkeley, CEU, Chicago Booth, FRB New York, FRB Philadelphia, FRB San Francisco, HEC Montreal, NBER Capital Markets, NBER EASE, NBER EFG, NBER Macro Perspectives, Princeton, Rochester, Stanford, Tsinghua Macro Workshop, UAB, UCLA, and UTDT for helpful comments and discussions. Sophie Wang, Bowen Yang, Anny Zhong, Michael Marvin, and Victor Lin provided excellent research assistance. This research was funded in part by the Initiative on Global Markets and the Neubauer Family Foundation at the University of Chicago Booth School of Business. The Appendix that accompanies the paper can be found on the authors' web pages. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.