Abstract The labor share may be declining in the data, but it is often assumed constant in neoclassical growth models (NGM). We assess the quantitative importance of this discrepancy by comparing alternative calibration approaches featuring constant and declining labor shares. We find little difference in model performance. Our results derive from strong general equilibrium effects: while a declining labor share mechanically lowers wage growth, the investment response pushes wages back up. Hence, different models deliver nearly identical paths of macro aggregates. Numerous robustness checks (including a CES production function, different time periods, and calculations of the labor share) reinforce the similarity of performance across model specifications. We conclude that the NGM with a constant labor share is still an appropriate choice to study many standard macro aggregates.

中文翻译：

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新古典增长模型与劳动力份额下降

摘要 数据中的劳动力份额可能正在下降，但在新古典增长模型 (NGM) 中通常假设它是恒定的。我们通过比较具有恒定和下降劳动力份额的替代校准方法来评估这种差异的定量重要性。我们发现模型性能差异不大。我们的结果源于强大的一般均衡效应：虽然劳动力份额下降会机械地降低工资增长，但投资反应会推动工资回升。因此，不同的模型提供了几乎相同的宏观总量路径。许多稳健性检查（包括 CES 生产函数、不同时间段和劳动份额的计算）加强了模型规范之间性能的相似性。