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Inflation and Factor Shares

AutorAlcalá, Francisco J. ; Sancho, Ferrán
Palabras claveInflation
Functional Distribution of Income
Markups
Fecha de publicación1-may-2000
SerieUFAE and IAE Working Papers
460.00
ResumenWe use results from the literature on the determinants of price-cost margins to derive an equation relating labor's share of national income to the inflation rate (as well as to the output gap, the unemployment rate and the capital stock per worker). The equation is tested with a panel of 15 OECD countries. We obtain a robust positive relationship between inflation and the labor share. Our results suggest that disinflation is not distributively neutral, provide empirical support for the distinct concern about price stability shown by trade unions and employers' organizations, and help explaining the negative impact of inflation on growth.
URIhttp://hdl.handle.net/10261/1923
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