The Micro-Level Anatomy of the Labor Share Decline
---- Acknowledgments ----
We would like to thank Nick Bloom, Jeff Campbell, Julieta Caunedo, John Cochrane, Allan Collard-Wexler, Steve Davis, Hugo Hopenhayn, Chang-Tai Hsieh, Chad Jones, Pete Klenow, Luigi Pistaferri, Peter Schott, T. Kirk White, Daniel Xu and our discussants Zsofia Barany, Chris Gust and Kirill Shakhnov as well as seminar participants at Stanford, Penn State, Mannheim, ITAM, UVA, UAB, Royal Holloway, UCL, LMU Munich, UIUC, the FRB of Chicago, Cornell, the 2015 meeting of German Economists Abroad, the 2016 Cambridge-INET conference "Firms in Macroeconomics," the 2016 Barcelona Summer Forum, the 2017 Annual Meeting of the SED, the 2017 UniCredit Alumni Workshop, the Societe Canadienne de Science Economique, the 2018 Canadian Economics Association Meetings, the 2018 ERID Conference on "Firm, Industry, and Trade Dynamics," the 2018 Northwestern Macro Alumni Meeting, the ESSIM 2018 and the FRB of Philadelphia for helpful comments. All errors are our own. We thank Xian Jiang for excellent research assistance. Financial support from the Fondation HEC Montreal (Vincent) and the National Science Foundation under NSF grant No. SES-1758426 (Kehrig) are gratefully acknowledged. Any opinions and conclusions expressed herein are those of the authors and do not necessarily represent the views of the U.S. Census Bureau. All results have been reviewed to ensure that no confidential information is disclosed. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.