The Rise of Pass-Throughs and the Decline of the Labor Share

We thank David Autor, Nick Bloom, Jediphi Cabal, Curtis Carlson, Michael Cooper, Bob Hall, Pete Klenow, Adam Looney, Jay MacKie, John McClelland, Brent Neiman, James Pearce, Jim Poterba, Rich Prisinzano, David Romer, and seminar and conference participants for helpful conversations on this draft. We thank Stephanie Kestelman, Dustin Swonder, Samuel Wallach-Hanson, and Caleb Wroblewski for excellent research assistance. Zidar and Zwick gratefully acknowledge financial support from Chicago Booth’s Initiative on Global Markets (IGM), the Kauffman Foundation, and the University of Chicago Booth School of Business. Zidar also gratefully acknowledges support from the Kathryn and Grant Swick Faculty Research Fund at the University of Chicago Booth School of Business and National Science Foundation under Grant Number 1752431, and Zwick gratefully acknowledges financial support from the Neubauer Family Foundation, the Polsky Center, and the Hultquist Faculty Research Endowment at the University of Chicago Booth School of Business. This work expresses the views of the authors themselves and does not necessarily reflect the views of the US Treasury Department, the Office of Management and Budget, the U.S. Government, or the National Bureau of Economic Research.