英文文献：Monetary policy, market structure and the income shares in the U.S-美国的货币政策、市场结构和收入份额
英文文献作者：George C. Bitros
英文文献摘要：
This paper investigates whether the monetary policy and the market structure have anything to do with the declining share of labor in the U.S in recent decades. For this purpose: (a)a dynamic general equilibrium model is constructed and used in conjunction with data over the 2000-2014 period to compute the income shares; (b) the latter are compared to those reported from various sources for significant differences, and (c) the influence of monetary policy is subjected to several statistical tests. With comfortable margins of confidence it is found that the interest rate the Federal Open Market Committee charges for providing liquidity to the economy is related positively with the shares of labor and profits and negatively with the share of interest. What these findings imply is that, by moving opposite to the equilibrium real interest rate, the relentless reduction of the federal funds rate since the 1980s may have contributed to the decline in the equilibrium share of labor, whereas the division of the equilibrium non-labor income between interest and profits has been evolving in favor of the former, because according to all indications the stock of producers’ goods in the U.S has been aging. As for the market structure,it is found that even if firms had and attempted to exercise monopoly power, it would be exceedingly difficult to exploit it because the demand of consumers’ goods is signi- ficantly price elastic. Should these results be confirmed by further research, they would go a long way towards explaining the deceleration of investment and economic growth.

本文探讨了货币政策和市场结构是否与近几十年来美国劳动力份额下降有关。为此目的:(a)建立一个动态一般均衡模型，并结合2000-2014年期间的数据来计算收入份额;(b)将后者与来自不同来源的报告进行比较，以发现显著差异;(c)对货币政策的影响进行若干统计检验。在有足够信心的情况下，我们发现联邦公开市场委员会为向经济提供流动性而收取的利率与劳动力和利润份额正相关，与利息份额负相关。这些发现暗示是什么,通过移动相反的平衡实际利率,无情的削减联邦基金利率自1980年代可能是导致平衡劳动份额的下降,而分工的利益之间的平衡非劳动收入和利润一直在发展支持前者,因为根据所有迹象的生产者的商品在美国已经老化。在市场结构方面，研究发现，即使企业拥有并试图行使垄断权力，由于消费者商品的需求具有显著的价格弹性，要利用这种权力也极其困难。如果这些结果得到进一步研究的证实，它们将大大有助于解释投资和经济增长的减速。