Inflation, wage share and productivity dynamics
| Author | : Piero Ferri |
| Publisher | : |
| Total Pages | : 17 |
| Release | : 1994 |
| Genre | : |
| ISBN | : |
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Are you looking for read ebook online? Search for your book and save it on your Kindle device, PC, phones or tablets. Download Inflation Wage Share And Productivity Dynamics PDF full book. Access full book title Inflation Wage Share And Productivity Dynamics.
Understanding U.S. Wage Dynamics
| Author | : Mr.Yasser Abdih |
| Publisher | : International Monetary Fund |
| Total Pages | : 34 |
| Release | : 2018-06-15 |
| Genre | : Business & Economics |
| ISBN | : 148436208X |
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In this paper, we undertake empirical analysis to understand U.S. wage behavior since the beginning of the new millennium. At the macroeconomic level, we find that a productivity-augmented Phillips curve model explains the data fairly well. The model reveals that the upward pressure on wage growth from recent tightening in the labor market has been dampened by a persistent decline in trend labor productivity growth and the share of income that accrues to labor. These themes are reinforced and complemented at the micro-economic level. Lower regional unemployment puts an upward pressure on wages of individuals, although this effect has become weaker since 2008. But there is downward pressure on wages for individuals with occupations that are exposed to automation and offshoring, and in industries with a higher concentration of large firms. All these factors appear to play a role illustrating why it is difficult to single out any one culprit for the observed wage growth moderation.
Where Did the Productivity Growth Go?
| Author | : Ian Dew-Becker |
| Publisher | : |
| Total Pages | : 104 |
| Release | : 2006 |
| Genre | : Income |
| ISBN | : |
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In addition to its micro analysis, this paper also asks whether faster productivity growth reduces inflation, raises nominal wage growth, or raises profits. We find that an acceleration or deceleration of the productivity growth trend alters the inflation rate by at least one-for-one in the opposite direction. This paper revives research on wage adjustment and produces a dynamic interactive model of price and wage adjustment that explains movements of labor's share of income.
More Slack than Meets the Eye? Recent Wage Dynamics in Advanced Economies
| Author | : Mr.Gee Hee Hong |
| Publisher | : International Monetary Fund |
| Total Pages | : 44 |
| Release | : 2018-03-09 |
| Genre | : Business & Economics |
| ISBN | : 1484346947 |
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Nominal wage growth in most advanced economies remains markedly lower than it was before the Great Recession of 2008–09. This paper finds that the bulk of the wage slowdown is accounted for by labor market slack, inflation expectations, and trend productivity growth. In particular, there appears to be greater slack than meets the eye. Involuntary part-time employment appears to have weakened wage growth even in economies where headline unemployment rates are now at, or below, their averages in the years leading up to the recession.
Wage-Price-Productivity Nexus
| Author | : Ronald G. Bodkin |
| Publisher | : University of Pennsylvania Press |
| Total Pages | : 304 |
| Release | : 2016-11-11 |
| Genre | : Business & Economics |
| ISBN | : 1512800406 |
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This book is a volume in the Penn Press Anniversary Collection. To mark its 125th anniversary in 2015, the University of Pennsylvania Press rereleased more than 1,100 titles from Penn Press's distinguished backlist from 1899-1999 that had fallen out of print. Spanning an entire century, the Anniversary Collection offers peer-reviewed scholarship in a wide range of subject areas.
Productivity and Inflation
| Author | : William Curt Freund |
| Publisher | : |
| Total Pages | : 24 |
| Release | : 1980 |
| Genre | : Industrial productivity |
| ISBN | : |
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European Inflation Dynamics
| Author | : Jordi Galí |
| Publisher | : |
| Total Pages | : 54 |
| Release | : 2001 |
| Genre | : Economics |
| ISBN | : |
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We provide evidence on the fit of the New Phillips Curve (NPQ for the Euro area over the period 1970-1998, and use it as a tool to compare the characteristics of European inflation dynamics with those observed in the U.S. We also analyze the factors underlying inflation inertia by examining the cyclical behavior of marginal costs, as well as that of its two main components, namely, labor productivity and real wages. Some of the findings can be summarized as follows: (a) the NPC fits Euro area data very well, possibly better than U.S. data, (b) the degree of price stickiness implied by the estimates is substantial, but in line with survey evidence and U.S. estimates, (c) inflation dynamics in the Euro area appear to have a stronger forward- looking component (i.e., less inertia) than in the U.S., (d) labor market frictions, as manifested in the behavior of the wage markup, appear to have played a key role in shaping the behavior of marginal costs and, consequently, inflation in Europe.
Labor Share and Productivity Dynamics
| Author | : Sekyu Choi |
| Publisher | : |
| Total Pages | : |
| Release | : 2020 |
| Genre | : |
| ISBN | : |
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Income Distribution, Growth and Unemployment
| Author | : Ferri, Piero |
| Publisher | : Edward Elgar Publishing |
| Total Pages | : 264 |
| Release | : 2022-03-15 |
| Genre | : Business & Economics |
| ISBN | : 1802206019 |
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Piero Ferri expertly broadens the analysis of the canonical growth cycle approach by presenting a Minsky–Harrod model, examining how the relationship between income distribution, growth and unemployment becomes increasingly complex. Exploring this new technique to generate a process of growth, based not only on history but disequilibrium, he investigates the current income distribution debate further and the challenges it faces.
Wage-Price Dynamics and Structural Reforms in Japan
| Author | : Davide Porcellacchia |
| Publisher | : International Monetary Fund |
| Total Pages | : 26 |
| Release | : 2016-02-10 |
| Genre | : Business & Economics |
| ISBN | : 1498316638 |
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Structural reforms in the liquidity trap need not be deflationary. This paper develops a simple framework to study the role that key characteristics of Japan’s labor and product markets—labor-market duality and weak corporate governance—play in generating unfavorable wage-price dynamics. The model allows a discussion of whether and in what form structural reforms may contribute to Japan’s short-run goal of reflating the economy. It finds that boosting inflation with structural reforms implies an unusual trade-off with employment, that is an inverted Phillips curve. Simultaneous implementation of labor-market and product-market reforms is most effective in terms of reflating the economy.
