Download or read book Understanding U S Wage Dynamics written by Mr.Yasser Abdih and published by International Monetary Fund. This book was released on 2018-06-15 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book More Slack than Meets the Eye Recent Wage Dynamics in Advanced Economies written by Mr.Gee Hee Hong and published by International Monetary Fund. This book was released on 2018-03-09 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book European Wage Dynamics and Spillovers written by Yuanyan Sophia Zhang and published by International Monetary Fund. This book was released on 2019-07-19 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book What Type of Contracts Underlie Aggregate Wage Dynamics written by Mr.Esteban Jadresic and published by International Monetary Fund. This book was released on 1997-05-01 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper shows that it is possible to estimate the importance of different types of wage contracts at the aggregate level using the same data used to estimate standard Phillips curves. It finds that the behavior of the Chilean private aggregate wage during the 1980s is well described by two-year contracts that are revised every six months according to 100 percent of past inflation. The estimates also show that the unemployment rate was a strong determinant of the contract’s target real wage and that most wage negotiations were carried through during the first half of every year. The results prove robust to a variety of tests and fit the data better than standard Phillips curves.
Download or read book Entrepreneurial Wage Dynamics in the Knowledge Economy written by Adam K. Korobow and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 134 pages. Available in PDF, EPUB and Kindle. Book excerpt: The role that small firms and entrepreneurship play in economic development has been particularly contentious. Joseph Schumpeter (1911), in his early work, argued that through a process of "creative destruction," small and new firms would serve as agents of change and a catalyst for innovation and growth. But, he later rescinded this view, instead concluding that large corporations were the engines of growth. Just as it seemed that a consensus had emerged among scholars and policy makers that small business was at best superfluous and at worst a drag on growth and economic development, David Birch provided evidence that, in fact, small firms were the engines of job creation. The early skepticism of challenge to Birch's findings revolved around methodology and measurement. However, a wave of subsequent studies by different authors, spanning different time periods, sectors, and even countries, generally confirmed Birch's original findings-for most developed countries and in most time periods, small business has provided most of the job creation.
Download or read book Aspects of wage dynamics in Germany written by Jens Stephani and published by wbv Media GmbH & Company KG. This book was released on 2014-11-04 with total page 146 pages. Available in PDF, EPUB and Kindle. Book excerpt: Dieses Buch thematisiert verschiedene Aspekte der Lohndynamik in Deutschland. Während der Hauptteil des Buches sich mit dem Lohnwachstum und der Aufstiegsmobilität von Geringverdienern beschäftigt, analysiert ein kleinerer Teil die Entwicklung der Lohneffekte der Tarifbindung für alle Beschäftigten. Unter anderem wird gezeigt, dass die Aufstiegsmobilität von Geringverdienern in besser bezahlte Jobs kein lediglich temporäres Phänomen ist, sondern für diese Beschäftigten zu längerfristig höheren Lohnniveaus führen kann. Das Lohnwachstum von Geringverdienern hängt allerdings von anderen betrieblichen Einflussfaktoren ab als das Lohnwachstum von Besserverdienern. Auch Persönlichkeitsmerkmale wie zum Beispiel die individuelle Kontrollüberzeugung beeinflussen die Aufstiegsmobilität von Geringverdienern. Weiterhin zeigen die Analysen, dass trotz des kontinuierlichen Rückgangs des gewerkschaftlichen Organisationsgrads und der Tarifbindung im letzten Jahrzehnt weiterhin eine - wenn auch geringe - positive Lohnprämie der Tarifbindung existiert.
Download or read book Immigration and Wage Dynamics in Germany written by Sabine Klinger and published by International Monetary Fund. This book was released on 2019-12-27 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: German wages have not increased very rapidly in the last decade despite strong employment growth and a 5 percentage point decline in the unemployment rate. Our analysis shows that a large part of the decline in unemployment was structural. Micro-founded Phillips curves fit the German data rather well and suggest that relatively low wage growth can be largely attributed to low inflation expectations and low productivity growth. There is no evidence – from either aggregate or micro-level administrative data – that large immigration flows since 2012 have had dampening effects on aggregate wage growth, as complementarity effects offset composition and competition effects.
Download or read book Wage Dynamics and Labor Market Transitions a Reassessment Through Total Income and usual Wages written by Maria E. Canon and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Wage Dynamics in the Twenty first Century written by and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Understanding U S Wage Dynamics written by Mr.Yasser Abdih and published by International Monetary Fund. This book was released on 2018-06-15 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Structural Models of Wage and Employment Dynamics written by Henning Bunzel and published by Elsevier Science Limited. This book was released on 2006-03-30 with total page 620 pages. Available in PDF, EPUB and Kindle. Book excerpt: A quantitative approach to economic problems of practical importance.
Download or read book Wage Dispersion written by Dale Mortensen and published by MIT Press. This book was released on 2003 with total page 170 pages. Available in PDF, EPUB and Kindle. Book excerpt: A theoretical and empirical examination of wage differentials findsthat traditional theories of competition do not explain why workers with identical skills are paid differently.
Download or read book Wage Price Dynamics and Structural Reforms in Japan written by Davide Porcellacchia and published by International Monetary Fund. This book was released on 2016-02-10 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Social Preferences Skill Segregation and Wage Dynamics written by and published by Fundacion BBVA. This book was released on with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Learning and Wage Dynamics written by Henry S. Farber and published by . This book was released on 1991 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Examining Price Wage Dynamics in a Small Open Economy The Case of Uruguay written by Mr. Pau Rabanal and published by International Monetary Fund. This book was released on 2024-05-24 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: The recent increase of inflation globally has led to a renewed interest in understanding the link between inflation and wages. In Uruguay, the presence of centralized wage bargaining and indexation practices raises the question as to what extent wage growth dynamics can make the response of inflation to shocks more persistent. We use a medium-scale DSGE model which incorporates indexation in the wage setting equation to analyze the interactions between wage setting behavior and other macroeconomic variables, as well as the role of monetary policy. The analysis suggests that wage indexation increases the persistence of the response of inflation to domestic and foreign shocks, it also affects the monetary policy transmission mechanism and the severity of the trade-offs faced by the central bank.
Download or read book Internal Labor Markets Asymmetric Information and Competitive Wage Dynamics written by Limor Golan and published by . This book was released on 2002 with total page 134 pages. Available in PDF, EPUB and Kindle. Book excerpt:
