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Measuring factor income shares at the sectoral level

Valentinyi, Akos and Herrendorf, Berthold 2008. Measuring factor income shares at the sectoral level. Review of Economic Dynamics 11 (4) , pp. 820-835. 10.1016/j.red.2008.02.003

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Abstract

Many applications in economics use multi-sector versions of the growth model. In this paper, we measure the income shares of capital and labor at the sectoral level for the US economy. We also decompose the capital shares into the income shares of land, structures, and equipment. We find that the capital shares differ across sectors. For example, the capital share of agriculture is more than two times that of construction and more than 50% larger than that of the aggregate economy. Moreover, agriculture has by far the largest land share, which mostly explains why it has the largest capital share. Our numbers can directly be used to calibrate standard multi-sector models. Alternatively, if one wants to abstract from differences in sector capital shares, our numbers can be used to establish that this is not crucial for the results.

Item Type: Article
Date Type: Publication
Status: Published
Schools: Business (Including Economics)
Subjects: H Social Sciences > HB Economic Theory
H Social Sciences > HD Industries. Land use. Labor > HD28 Management. Industrial Management
H Social Sciences > HG Finance
Uncontrolled Keywords: Input–output tables; Industry-by-commodity total requirement matrix; Sector factor shares
Publisher: Elsevier
ISSN: 1094-2025
Last Modified: 01 Feb 2017 04:16
URI: http://orca-mwe.cf.ac.uk/id/eprint/48176

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