Wage Moderation And Labour Productivity

Author : Fredrick Hendrick Huizinga,Peter Broer
Publisher : Unknown
Page : 94 pages
File Size : 49,7 Mb
Release : 2004
Category : Labor productivity
ISBN : IND:30000095333104

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Wage Moderation and Labour Productivity by Fredrick Hendrick Huizinga,Peter Broer Pdf

"In the Dutch economic policy debate, wage moderation is widely considered as a key factor for achieving economic growth and low unemployment. However, some economists criticise the policy emphasis on wage moderation, claiming that high wages are needed to maintain structural labour productivity growth. This paper analyses the effects of a wage push on labour productivity within the framework of endogenous technological progress, endogenous technology adoption and insufficient competition. The conclusion is that a wage push raises labour productivity in the short run. However, this rise in labour productivity is temporary and inefficient. In the long run, a wage push may well harm labour productivity. The main message of the paper is that it is probably best not to use wage policy at all as a tool to influence productivity. As a tool against unemployment, however, it is very effective. These insights are applied in a review of the Dutch post-war productivity growth."--Editor.

Author : Engelbert Stockhammer
Publisher : Springer
Page : 329 pages
File Size : 52,7 Mb
Release : 2013-12-03
Category : Business & Economics
ISBN : 9781137357939

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Wage-Led Growth by Engelbert Stockhammer Pdf

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.

Author : Robert Kyloh,International Labour Office
Publisher : Unknown
Page : 78 pages
File Size : 54,9 Mb
Release : 1988
Category : Inflation (Finance)
ISBN : STANFORD:36105002299654

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The Wage-inflation-unemployment Nexus by Robert Kyloh,International Labour Office Pdf

Author : Mr. Jörg Decressin,Mr. Antonio Spilimbergo
Publisher : International Monetary Fund
Page : 36 pages
File Size : 49,7 Mb
Release : 2015-11-17
Category : Business & Economics
ISBN : 9781513580227

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Wage Moderation in Crises by Mr. Jörg Decressin,Mr. Antonio Spilimbergo Pdf

The paper studies the impacts of wage moderation in the euro area. Simulation results show that if a single euro area crisis-hit economy undertakes wage moderation, the impact on output is positive for that economy and for the entire euro area. If all crisis-hit economies undertake wage moderation together, their output still expands, albeit to a lesser degree. If the wage moderation is accompanied by cuts in policy interest rates by the central bank—and by quantitative easing once interest rates hit the zero lower bound—then output for the entire euro area expands as well.

Author : Marc Lavoie,Engelbert Stockhammer
Publisher : Advances in Labour Studies
Page : 0 pages
File Size : 44,8 Mb
Release : 2013
Category : Business & Economics
ISBN : 922127487X

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Wage-led Growth by Marc Lavoie,Engelbert Stockhammer Pdf

This book examines the causes and consequences of falling wages and rising inequality in income distribution. It presents new empirical and econometric evidence on the potential impact of the shift in income from the poor and middle class to the wealthy. The contributors also analyze policy implications and strategies for a wage-led recovery that would alleviate the global problems associated with rising household debt and with new mercantilist policies based on wage moderation. The book provides an overarching framework that will prove invaluable to researchers and policymakers. Contributors include Giorgos Galanis (University of Warwick and the New Economics Foundation), Eckhard Hein (Berlin School of Economics and Law), Marc Lavoie (University of Ottawa), Matthias Mundt (Berlin School of Economics), C.W.M. Naastepad (Delft University of Technology, the Netherlands), Özlem Onaran (University of Greenwich), Engelbert Stockhammer (Kingston University), Servaas Storm (Delft University of Technology), Simon Sturn (University of Massachusetts at Amherst), and Till van Treeck (Macroeconomic Policy Institute at Hans Boeckler Foundation and University of Duisburg-Essen).

Author : Mr.Yasser Abdih,Mr.Stephan Danninger
Publisher : International Monetary Fund
Page : 34 pages
File Size : 55,5 Mb
Release : 2018-06-15
Category : Business & Economics
ISBN : 9781484363577

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Understanding U.S. Wage Dynamics by Mr.Yasser Abdih,Mr.Stephan Danninger Pdf

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.

Author : Robert B. McKersie,Laurence Colvin Hunter
Publisher : London, Macmillan; New York, St Martin's Press [1973]
Page : 416 pages
File Size : 41,5 Mb
Release : 1973
Category : Business & Economics
ISBN : UCAL:B4266308

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Pay, Productivity and Collective Bargaining by Robert B. McKersie,Laurence Colvin Hunter Pdf

Study of the development of productivity-based collective bargaining in the UK - examines the impact of incomes policy, the negotiation and implementation of collective agreements, wage payment systems, the effects of government policy, etc., comments on various case histories, and considers implications for the future and for the USA. References and statistical tables.

Author : S. J. Nickell,D. Nicolitsas
Publisher : Unknown
Page : 36 pages
File Size : 43,7 Mb
Release : 1994
Category : Corporate profits
ISBN : CORNELL:31924069069783

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Wages, Restrictive Practices and Productivity by S. J. Nickell,D. Nicolitsas Pdf

Author : David G. Blanchflower,Stephen Machin
Publisher : Unknown
Page : 48 pages
File Size : 55,5 Mb
Release : 1996
Category : Competition
ISBN : CORNELL:31924071622355

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Product Market Competition, Wages and Productivity by David G. Blanchflower,Stephen Machin Pdf

Author : Bart van Ark,Simon K. Kuipers,Gerard H. Kuper
Publisher : Springer Science & Business Media
Page : 408 pages
File Size : 49,7 Mb
Release : 2013-03-09
Category : Business & Economics
ISBN : 9781475731613

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Productivity, Technology and Economic Growth by Bart van Ark,Simon K. Kuipers,Gerard H. Kuper Pdf

Productivity, Technology and Economic Growth presents a selection of recent research advances on long term economic growth. While the contributions stem from both economic history, macro- and microeconomics and the economics of innovation, all papers depart from a common viewpoint: the key factor behind long term growth is productivity, and the latter is primarily driven by technological change. Most contributions show implicitly or explicitly that technological change is at least partly dependent on growth itself. Furthermore, technology appears to interact strongly with investment in physical and human capital as well as with changes in historical, political and institutional settings. Together these papers are an up-to-date account of the remarkable convergence in theoretical and empirical work on productivity and growth over the past decades. The first part deals with the characteristics of growth regimes over longer periods, ranging from 20 years to two centuries. The next four chapters study the determinants of productivity growth and, in some cases, productivity slowdown during the last quarter of the twentieth century. The final five chapters focus on the role of technology and innovation as the key determinants of growth. Productivity, Technology and Economic Growth is, therefore, a welcome collection for academic scholars and graduate students in economics, history and related social sciences as well as for policy makers.

Author : Klaus-Jürgen Gern,Carsten-Patrick Meier,Joachim Scheide
Publisher : Unknown
Page : 29 pages
File Size : 48,5 Mb
Release : 2003
Category : Konjunkturpolitik / Lohnpolitik / Geldpolitik / Internationale wirtschaftspolitische Koordination / Sozialpakt / Wirtschaftspolitische Wirkungsanalyse / Ökonometrisches Makromodell / Europäische Wirtschafts- und Währungsunion / Theorie / Deutschland / USA / Niederlande / Irland
ISBN : 3894562463

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Higher Economic Growth Through Macroeconomic Policy Coordination? by Klaus-Jürgen Gern,Carsten-Patrick Meier,Joachim Scheide Pdf

Author : Olivier J. Blanchard
Publisher : Economic and Social Reseach Institute (ESRI)
Page : 66 pages
File Size : 43,6 Mb
Release : 1998
Category : Business & Economics
ISBN : OSU:32435058666579

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Revisiting European Unemployment by Olivier J. Blanchard Pdf

Abstract: This paper starts from two sets of facts about Continental Europe. The first is the steady increase in unemployment since the early 1970s. The second is the evolution of the capital share, an initial decline in the 1970s, followed by a much larger increase since the mid-1980s. The paper then develops a model of capital accumulation, unemployment and factor prices. Using this model to look at the data, it reaches two main conclusions: The initial increase in unemployment, from the mid-1970s to the mid-1980s, was mostly due to a failure of wages to adjust to the slowdown in underlying factor productivity growth. The initial effect was to decrease profit rates and capital shares. Over time, the reaction of firms was to reduce capital accumulation and move away from labor, leading to a steady increase in unemployment, and a recovery of the capital share. The reason why wage moderation, clearly evident in the data since the mid-1980s, has not led to a decrease in unemployment is that another type of shift has been at work, this time on the labor demand side. At a given wage and a given capital stock firms have steadily decreased employment. The effect of this adverse shift in labor demand has been to lead to both continued high unemployment, and increasing capital shares. What lies behind this shift in labor demand? There are two potential lines of explanation. The first is shifts in the distribution of rents away from workers, for example, the elimination of chronic excess employment by firms. The second explanation points to technological bias: firms in Continental Europe are introducing technologies biased against labor and towards capital.

Author : Marcello M. Estevão
Publisher : INTERNATIONAL MONETARY FUND
Page : 29 pages
File Size : 46,9 Mb
Release : 2005-09-01
Category : Electronic
ISBN : 1451862105

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Product Market Regulation and the Benefits of Wage Moderation by Marcello M. Estevão Pdf

Euro-area real wages have decelerated sharply in the last 20 years, but this has not yet translated into visibly lower unemployment or faster growth. Weak output growth after such a cost shock is somewhat puzzling and has led some to question the benefits of wage moderation. By isolating structural from cyclical factors in a panel of industrial countries, I show that structurally slower real wage growth, that is, "wage moderation," does raise output growth and lower unemployment rates. However, I show that the impact on both variables depends crucially on product market regulation: weaker competition and barriers to entry mute the growth effects of structural real wage changes by allowing incumbent firms to appropriate larger rents. In this context, overly regulated product markets in the euro area are undermining the effects of labor market reforms on output and employment.

Author : Henrik Enderlein,Amy Verdun
Publisher : Routledge
Page : 190 pages
File Size : 44,5 Mb
Release : 2013-10-31
Category : Political Science
ISBN : 9781317965800

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EMU and Political Science by Henrik Enderlein,Amy Verdun Pdf

Europe’s Economic and Monetary Union (EMU) celebrated its tenth anniversary in 2009. Before its birth many observers were concerned about its viability. This volume examines a number of noteworthy concerns that were heard a decade ago and it assesses what has become of them. The contributors to this volume examine various topics. Has EMU been a failure or success? Does EMU require more political integration? What type of deeper integration in the financial market has occurred because of EMU? Does the public like EMU? Does EMU cause a decline of the welfare state, reduce the role of labour unions and are adjustments now made mainly through the labour market? Do countries in EMU become more similar over time? Is EMU sustainable in the long-run? Will EMU survive the global financial crisis? The contributors to this book are leading Political Scientists in the field, and draw on a wealth of research and experience. This book was published as a special issue of the Journal of European Public Policy.

Author : Edimon Ginting,Christopher Manning,Kiyoshi Taniguchi
Publisher : Asian Development Bank
Page : 253 pages
File Size : 42,6 Mb
Release : 2018-02-01
Category : Business & Economics
ISBN : 9789292610791

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Indonesia by Edimon Ginting,Christopher Manning,Kiyoshi Taniguchi Pdf

The book focuses on Indonesia's most pressing labor market challenges and associated policy options to achieve higher and more inclusive economic growth. The challenges consist of creating jobs for and the skills in a youthful and increasingly better educated workforce, and raising the productivity of less-educated workers to meet the demands of the digital age. The book deals with a range of interrelated topics---the changing supply and demand for labor in relation to the shift of workers out of agriculture; urbanization and the growth of megacities; raising the quality of schooling for new jobs in the digital economy; and labor market policies to improve both labor standards and productivity.