rise of intangible investments and the decline in the labor share. Trademarks are legal claims on brand capital and are … lowering the labor share. Calibrating the model to our estimates, we find that this reallocation generates a one percentage …-point decline in the aggregate labor share in the long run. …

capital and labor, removing these distortions can generate both an efficiency gain and a higher aggregate labor share. We use … and capital fixed, increases the wage by 57%. Consequently, the aggregate labor share rises by 24 percentage points …

. Our results suggest that the impact of monetary policy is driven by borrowing constraints of high labor share firms, and … that monetary policy is more potent in an economy characterized by a high labor share. …