Real Wage and Productivity Dynamics
| Author | : Sven Schreiber |
| Publisher | : |
| Total Pages | : 36 |
| Release | : 2000 |
| Genre | : |
| ISBN | : 9783935058032 |
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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.
Real Wage, Labor Productivity, and Employment Trends in South Africa
| Author | : Nir Klein |
| Publisher | : International Monetary Fund |
| Total Pages | : 28 |
| Release | : 2012-04-01 |
| Genre | : Business & Economics |
| ISBN | : 1475588380 |
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The paper looks at the dynamics of employment in South Africa and examines the factors that contributed to the job-shedding observed during the recent financial crisis. The paper finds that the rapid growth of the real wage, which outpaced the labor productivity growth in most sectors, played an important role in suppressing employment creation. The paper also finds that while there is a co-integrating link between the real wage and labor productivity, the deviations from equilibrium are persistent and thus contribute to a weak link between real wage growth and labor productivity growth in the short term. This finding is also supported by a cross-country analysis, which shows that in South Africa the link between the real wage and labor productivity is substantially weaker than in other emerging markets, even after controlling for labor market tightness indicators.
Employment, Wage and Productivity Dynamics in an Equilibrium Business Cycle Model with Heterogeneous Labor
| Author | : Eswar Prasad |
| Publisher | : |
| Total Pages | : 258 |
| Release | : 1992 |
| Genre | : Business cycles |
| ISBN | : |
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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 | : 1484345355 |
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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-Led Growth
| Author | : Engelbert Stockhammer |
| Publisher | : Springer |
| Total Pages | : 329 |
| Release | : 2013-12-03 |
| Genre | : Business & Economics |
| ISBN | : 1137357932 |
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This volume seeks to go beyond the microeconomic view of wages as a cost having negative consequences on a given firm, to consider the positive macroeconomic dynamics associated with wages as a major component of aggregate demand.
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.
Productivity Dynamics in Emerging and Industrialized Countries
| Author | : Deb Kusum Das |
| Publisher | : Taylor & Francis |
| Total Pages | : 660 |
| Release | : 2018-04-17 |
| Genre | : Social Science |
| ISBN | : 1351002538 |
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The world, of late, has seen a productivity slowdown. Many countries continue to recover from various shocks in the macro business environment, along with structural changes and inward looking policies. In contemporary times of growth slumps, various exits and protectionist regimes, this book engages with the study of productivity dynamics in the emerging and industrialized economies. The essays address the crucial aspects, such as the roles of human capital, investment accounting and datasets, that help understanding of productivity performance of global economy and its several regions. This book will be of interest to academics, practitioners and professionals in the field of economic growth, productivity and development studies. This will also be an important reference on empirical industrial economics in both India and the world.
Inflation, wage share and productivity dynamics
| Author | : Piero Ferri |
| Publisher | : |
| Total Pages | : 17 |
| Release | : 1994 |
| Genre | : |
| ISBN | : |
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European Wage Dynamics and Spillovers
| Author | : Yuanyan Sophia Zhang |
| Publisher | : International Monetary Fund |
| Total Pages | : 29 |
| Release | : 2019-07-19 |
| Genre | : Business & Economics |
| ISBN | : 1498319297 |
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Wage rises have remained stubbornly low in advanced Europe in recent years, but, at the same time, newer EU members are experiencing rapid wage acceleration. This paper investigates the drivers of this wage divergence. Econometric analysis using error correction models suggests that wage growth responds more quickly to changes in unemployment in the newer EU members than in advanced Europe, where wages are more closely related to inflation and inflation expectations in the short run, implying greater inertia in nominal wage rises in advanced Europe. In the years after the global crisis, this inertia contributed to the build up of a real wage overhang relative to sharply slowing labor productivity, which subsequently dragged on nominal wage rises even as unemployment began to decline. Spillovers of subdued wage growth between euro area countries also weighed on wage rises in advanced Europe.
