Download or read book Wage Moderation and Labour Productivity written by Fredrick Hendrick Huizinga and published by . This book was released on 2004 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt: "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.
Download or read book Notes and Communications written by M. M. G. Fase and published by . This book was released on 2001 with total page 13 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Wage Moderation Innovation and Labour Productivity Myths and Facts Revisited written by Martin M.G. Fase and published by . This book was released on 2001 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Wage Led Growth written by Engelbert Stockhammer and published by Springer. This book was released on 2013-12-03 with total page 329 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Wage Moderation in Crises written by Mr.Jörg Decressin and published by International Monetary Fund. This book was released on 2015-11-17 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
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 Wage led Growth written by Marc Lavoie and published by Advances in Labour Studies. This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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).
Download or read book The Wage inflation unemployment Nexus written by Robert Kyloh and published by . This book was released on 1988 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Product Market Regulation and the Benefits of Wage Moderation written by Marcello M. Estevão and published by INTERNATIONAL MONETARY FUND. This book was released on 2005-09-01 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
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 Do Active Labor Market Policies Increase Employment written by Mr.Marcello M. Estevão and published by International Monetary Fund. This book was released on 2003-12-01 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using panel data for 15 industrial countries, active labor market policies (ALMPs) are shown to have raised employment rates in the business sector in the 1990s, after controlling for many institutions, country-specific effects, and economic variables. Among such policies, direct subsidies to job creation were the most effective. ALMPs also affected employment rates by reducing real wages below levels allowed by technological growth, changes in the unemployment rate, and institutional and other economic factors. However, part of this wage moderation may be linked to a composition effect because policies were targeted to low-paid individuals. Whether ALMPs are cost-effective from a budgetary perspective remains to be determined, but they are certainly not substitutes for comprehensive institutional reforms.
Download or read book Wage Bargaining and Labour Productivity Under Economic Crisis and Adjustment written by David Musonda and published by . This book was released on 1992 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Productivity Technology and Economic Growth written by Bart van Ark and published by Springer Science & Business Media. This book was released on 2013-03-09 with total page 408 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Wage Moderation in Spain and in the Euro Area written by Pilar Cuadrado and published by . This book was released on 2018 with total page 13 pages. Available in PDF, EPUB and Kindle. Book excerpt: One of the most visible characteristics of the recent economic recovery is the moderation of wage growth in a good number of advanced economies. This article analyses quantitatively the contribution of several factors to changes in the wage growth rate in Spain and in the euro area during the current upturn. In both cases, the results show that the recent wage moderation is attributable to relatively high levels of labour market slack and low inflation expectations. For the euro area, another significant factor is low productivity growth, in contrast to other similar phases of the economic cycle. The analysis also reveals that, in the most recent period, it is important to take into account broader slack indicators than the unemployment rate, given that the high proportion of involuntary part-time and discouraged workers are exerting some downward pressure on wages.
Download or read book Shocks and Structural Breaks written by Mr.Eswar Prasad and published by International Monetary Fund. This book was released on 1994-11 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the effects of the labor market reforms launched in the early 1980s by the Conservative government led by Mrs. Thatcher. It is argued that the increase in the growth of labor productivity in manufacturing after 1980 as well as the improvement in the responsiveness of employment to variations in output can be largely attributed to the success of the reforms in reducing industrial disputes and removing a number of structural impediments in the labor market. However, the reforms did not succeed in moderating real wage growth or improving the tradeoff between wage inflation and unemployment. This is attributed to certain aspects of the wage bargaining system and the influence of relative wage norms in the process of wage determination.
Download or read book Wage Moderation in France written by Marcello M. Estevão and published by International Monetary Fund. This book was released on 2002 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Case for Moderation in the Economic Recovery of 1971 written by William Fellner and published by . This book was released on 1971 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
