Working Papers

NEW Working Paper

Firm Entry, Endogenous Wage Moderation, and Labor Market Dynamics, with Andrea Colciago and Stefano Fasani. Online Appendix

Labour Share Decline and Productivity Slowdown: A Micro-Macro Analysis of the Spain Economy, (2023). with Francesca Crucitti

This paper uses firm-level data to empirically investigate the relative contribution of the declining relative price of investments, the increasing automation, and the rising price markups on the labour share decline and productivity slowdown witnessed in the last 20 years inSpain’s manufacturing sector. The results point to automation and markups as important drivers of both phenomena. Remarkably, differently from what found for the US economy (Baqaee and Farhi (2020)), in the Spain economy the TFP slowdown was mainly driven by an increase in the dispersion in the markups caused by the entry of small and unproductive firms. A theoretical model characterized by firm heterogeneity, endogenous markups distribution, and borrowing constrained firms, parsimoniously accounts for the empirical findings.

Unemployment, Firm Dynamics and the Business Cycle, (2020) with Andrea Colciago and Stefano Fasani, De Nederlandsche Bank Working Paper No. 695
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