Modern macroeconomic monetary theory suggests that the labor share of income has effectively become a core macroe-conomic parameter anchored by top policymakers through Open Market Operations (OMO). However, the setting of this parameter remains a subject of intense economic debate. This paper provides a detailed summary of these controversies, analyzes the scope of influence exerted by market agents other than the top policymakers on the labor share, and explores the rationality of its setting mechanism.

翻译：现代宏观经济货币理论认为，劳动收入份额实际上已成为顶层决策者通过公开市场操作锚定的核心宏观经济参数。然而，该参数的设定仍是经济学界激烈争论的议题。本文系统梳理了相关争议，分析了顶层决策者之外的市场主体对劳动收入份额的影响范围，并探讨了其设定机制的合理性。