Replication data for: Common Ownership and the Secular Stagnation Hypothesis
Principal Investigator(s): View help for Principal Investigator(s) José Azar; Xavier Vives
Version: View help for Version V1
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Project Citation:
Azar, José, and Vives, Xavier. Replication data for: Common Ownership and the Secular Stagnation Hypothesis. Nashville, TN: American Economic Association [publisher], 2019. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-12-07. https://doi.org/10.3886/E116481V1
Project Description
Summary:
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We extend the model in Azar and Vives (2018) to allow for investment and show that higher effective market concentration (augmented by common ownership) leads to lower equilibrium wages, real interest rates, lower output, lower labor share, and lower capital share as well (under a mild condition). We calibrate a multisector sector model of the US economy and find that the rise in common ownership may account for the broad evolution of labor and capital shares in the period 1985-2015 while measured increases in concentration cannot (under plausible values for elasticity parameters).
Scope of Project
JEL Classification:
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E25 Aggregate Factor Income Distribution
E32 Business Fluctuations; Cycles
G32 Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
L11 Production, Pricing, and Market Structure; Size Distribution of Firms
O47 Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
E25 Aggregate Factor Income Distribution
E32 Business Fluctuations; Cycles
G32 Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
L11 Production, Pricing, and Market Structure; Size Distribution of Firms
O47 Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
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