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The objective of the paper is to understand if the minimum wage plays a rolefor the labor share of manufacturing workers in North Macedonia. We decomposelabor share movements on those along a share-capital curve, shifts of thislocus, and deviations from it. We use the capital-output ratio, total factorproductivity and prices of inputs to capture these factors, while the minimumwage is introduced as an element that moves the curve off. We estimate a panelof 20 manufacturing branches over the 2012-2019 period with FE, IV andsystem-GMM estimators. We find that the role of the minimum wage for the laborshare is industry-specific. For industrial branches which are labor-intensiveand low-pay, it increases workers' labor share, along a complementarity betweencapital and labor. For capital-intensive branches, it reduces labor share,likely through the job loss channel and along a substitutability between laborand capital. This applies to both branches where foreign investment and heavyindustry are nested.

Minimum wage and manufacturing labor share: Evidence from North Macedonia