Can Intangible Capital Explain Cyclical Movements in the Labor Wedge?
---- Acknowledgements ----
We thank our discussant Lukasz Drozd. This research was supported by NSF grant SES-1024739. Rudanko thanks the Hoover Institution for its hospitality and financial support. The views expressed here are those of the authors, and do not necessarily represent those of the Federal Reserve Bank of Chicago or the Federal Reserve System. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.