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Labor's Share, the Firm's Market Power and TFP

In this paper we investigate the relationship between laborâ€™s share, the market power of firms and the elasticity of output with respect to labor input using an approach based on an unobserved components model. The approach yields time-varying estimates of the market power and the elasticity. Evidence on the evolution of the market power of firms contributes to a deeper understanding of movements in laborâ€™s share and of the firmâ€™s contribution to the labor wedge. The generated values of the elasticity also yield revised estimates of US TFP growth which is informative about the (non-trivial) bias inherent in traditional estimates of TFP growth which use the wage share as a proxy for the elasticity.