Labour Share and Productivity Dynamics

2020 ◽  
Author(s):  
Sekyu Choi ◽  
José-Víctor Ríos-Rull
Keyword(s):  
The Other ◽  
Technology Shocks ◽  
Wage Setting ◽  
Solow Residual ◽  
Nature Of Technology ◽  
Labour Share ◽  
Productivity Dynamics

Abstract We pose technology shocks where the innovation is biased towards more recently installed plants. On one extreme the shock is like a neutral technological shock, while on the other end it resembles investment specific technological shocks. We embed these shocks in a model with putty-clay technology and estimate it requiring that the model replicates the volatility properties of the Solow residual and the overshooting property of the labour share of output. Our estimates show that putty-clay nature of technology, a time bias towards new plants and competitive wage setting replicate well the overshooting property.

scholarly journals Corporate social responsibility in unionised network industries

2021 ◽  
Author(s):  
Luciano Fanti ◽  
Domenico Buccella
Keyword(s):  
Corporate Social Responsibility ◽  
Social Responsibility ◽  
Conflict Of Interest ◽  
Union Wage ◽  
The Other ◽  
Network Industries ◽  
Wage Setting ◽  
The One ◽  
Corporate Social ◽  
The Impact

AbstractIn a duopoly network industry with decentralised union wage setting, this paper studies the impact of the firms’ engagement in consumer-friendly corporate social responsibility (CSR) on profitability and welfare. It is shown that, regardless of whether the wage setting occurs prior to or after the choice of the CSR levels, being a CSR-type firm rather than a simple profit-maximiser can lead to larger profits and thus higher welfare for their owners/stakeholders. However, the welfare analysis reveals that there is always conflict of interest between the firms’ owners on the one side and consumers, unions, and society on the other side, with respect for the timing of the decision about CSR relative to that of the wage setting.

Unionised Firm versus Producer Co-operative: A Scholastic Exercise

2005 ◽  
Vol 55 (3) ◽  
pp. 271-286 ◽  
Author(s):  
István R. Gábor
Keyword(s):  
Labour Market ◽  
Trade Unions ◽  
Self Regulation ◽  
Conventional Wisdom ◽  
The Other ◽  
Viable Alternative ◽  
Wage Setting ◽  
Other Hand ◽  
Capitalist Firms

By way of presenting a fictitious story, this paper is ment to illustrate that in contrast to conventional wisdom, trade unions, in their symbiosis with capitalist firms, may further, rather than impede price-mediated self-regulation in the labour market via their involvement in wage-setting. Producer co-operatives, on the other hand, though might seem to represent a close collateral of fully unionised capitalist firms, should not be regarded as a viable alternative.

Productivity

2013 ◽  
Author(s):  
Stephen N. Broadberry ◽  
Claire Giordano ◽  
Francesco Zollino
Keyword(s):  
Economic Growth ◽  
Labor Productivity ◽  
Productivity Growth ◽  
The Other ◽  
Growth Accounting ◽  
Factor Productivity ◽  
International Context ◽  
Labor Productivity Growth ◽  
Catching Up ◽  
Productivity Dynamics

Italy's economic growth over its 150 years of unified history did not occur at a steady pace, nor was it balanced across sectors. Relying on an entirely new input (labor and capital) database, this chapter evaluates the different labor productivity growth trends within the Italian economy's sectors, as well as the contribution of structural change to productivity growth. Italy's performance is then set in an international context: a comparison of sectoral labor productivity growth rates and levels within a selected sample of countries (United Kingdom, United States, Germany, Japan, India) allows us to better time, quantify, and gauge the causes of Italy's catching-up process and subsequent more recent slowdown. Finally, the paper analyzes the proximate sources of Italy's growth, relative to the other countries, in a standard growth accounting framework, in an attempt also to disentangle the contribution of both total factor productivity growth and capital deepening to the country's labor productivity dynamics.

Do Employers Have More Monopsony Power in Slack Labor Markets?

ILR Review ◽  
2017 ◽  
Vol 71 (3) ◽  
pp. 676-704 ◽  
Author(s):  
Boris Hirsch ◽  
Elke J. Jahn ◽  
Claus Schnabel
Keyword(s):  
Labor Markets ◽  
The Other ◽  
Duration Models ◽  
Similar Magnitude ◽  
Wage Setting ◽  
Labor Supply Elasticity ◽  
Economic Downturns ◽  
The Business Cycle ◽  
Monopsony Power ◽  
Time Invariant

This article confronts monopsony theory’s predictions regarding workers’ wages with observed wage patterns over the business cycle. Using German administrative data for the years 1985 to 2010 and an estimation framework based on duration models, the authors construct a time series of the labor supply elasticity to the firm and estimate its relationship to the unemployment rate. They find that firms possess more monopsony power during economic downturns. Half of this cyclicality stems from workers’ job separations being less wage driven when unemployment rises, and the other half mirrors that firms find it relatively easier to poach workers. Results show that the cyclicality is more pronounced in tight labor markets with low unemployment, and that the findings are robust to controlling for time-invariant unobserved worker or plant heterogeneity. The authors further document that cyclical changes in workers’ entry wages are of similar magnitude as those predicted under pure monopsonistic wage setting.

scholarly journals Real Wages and Productivity in New Zealand

1970 ◽  
Author(s):  
Bill Rosenberg
Keyword(s):  
New Zealand ◽  
Real Wage ◽  
Labour Productivity ◽  
Empirical Relationship ◽  
Hourly Wage ◽  
National Accounts ◽  
Real Wages ◽  
Wage Setting ◽  
Cost Index ◽  
Labour Share

The standard neo­classical model implies that the real wage should equate to the marginal product of labour, and therefore wages should, at least in the long run, rise at the same rate as labour productivity. That also underlies much of the politics of wage setting. This paper investigates the empirical relationship between real wages and labour productivity in New Zealand. It first looks at the labour share of income (GDP) and finds that the share has fallen in recent years indicating that real wages are also falling behind increases in labour productivity. It then considers variants of three wage measures that are available: the average hourly wage, the Labour Cost Index and the Compensation of Employees measure which is part of the National Accounts. In real terms, increases in the average wage and in the Compensation of Employees measure fall well behind increasing labour productivity. An analytical (non­official) series of the LCI measures tracks productivity very closely whereas the published LCI is essentially flat or falling when deflated. The paper concludes that real wage rises vary widely from labour productivity increases even over several business cycles. This has implications for wage setting, for the measurement of wage rates and productivity, and for the economic and wage models tested.

Tertiarization and Human Capital: Do They Matter for Growth? Insights From Portugal

2014 ◽  
Vol 61 (1) ◽  
pp. 30-53
Author(s):  
Maria Adelaide Pedrosa Silva Duarte ◽  
Marta Cristina Nunes Simões
Keyword(s):  
Human Capital ◽  
The Other ◽  
Aggregate Productivity ◽  
Services Sector ◽  
Sectoral Productivity ◽  
Portuguese Economy ◽  
The Portuguese Economy ◽  
Productivity Dynamics

Abstract We investigate the existence of causality among sectoral productivity, services sector expansion, human capital, and aggregate productivity over the period 1970-2006 in the Portuguese economy taking into account the contribution of services sub-sectors with different potential for productivity improvements, market and non-market services. The main aim is to examine whether the increasing tertiarization of the Portuguese economy constituted an obstacle or an opportunity for its aggregate productivity performance and if the expansion of the services sector is related to human capital availability, based on the former disaggregation of the services sector. The evidence suggests bidirectional causality between sectoral and aggregate productivity, with sectoral employment shares and human capital not revealing themselves as relevant for the explanation of the other variables nor being influenced by them. Across services categories, non-market services seem to be the most influential one, making a positive and lasting contribution to aggregate productivity, while market services seem to have had no influence on aggregate productivity dynamics

Stromatoporoids from the Famennian (Devonian) Wabamun Formation, Normandville oilfield, north–central Alberta, Canada

1988 ◽  
Vol 62 (03) ◽  
pp. 411-419 ◽  
Author(s):  
Colin W. Stearn
Keyword(s):  
Patch Reef ◽  
Abundant Species ◽  
The Other ◽  
North Central ◽  
Biotic Crisis

Stromatoporoids are the principal framebuilding organisms in the patch reef that is part of the reservoir of the Normandville field. The reef is 10 m thick and 1.5 km2in area and demonstrates that stromatoporoids retained their ability to build reefal edifices into Famennian time despite the biotic crisis at the close of Frasnian time. The fauna is dominated by labechiids but includes three non-labechiid species. The most abundant species isStylostroma sinense(Dong) butLabechia palliseriStearn is also common. Both these species are highly variable and are described in terms of multiple phases that occur in a single skeleton. The other species described areClathrostromacf.C. jukkenseYavorsky,Gerronostromasp. (a columnar species), andStromatoporasp. The fauna belongs in Famennian/Strunian assemblage 2 as defined by Stearn et al. (1988).

D. The Line Spectrum of Pulsating Variable Stars

1967 ◽  
Vol 28 ◽  
pp. 207-244
Author(s):  
R. P. Kraft
Keyword(s):  
Variable Stars ◽  
The Other ◽  
Line Spectrum ◽  
Afternoon Session ◽  
Empirical Information ◽  
Pulsating Variable Stars ◽  
Almost Continuous ◽  
Informal Approach

(Ed. note:Encouraged by the success of the more informal approach in Christy's presentation, we tried an even more extreme experiment in this session, I-D. In essence, Kraft held the floor continuously all morning, and for the hour and a half afternoon session, serving as a combined Summary-Introductory speaker and a marathon-moderator of a running discussion on the line spectrum of cepheids. There was almost continuous interruption of his presentation; and most points raised from the floor were followed through in detail, no matter how digressive to the main presentation. This approach turned out to be much too extreme. It is wearing on the speaker, and the other members of the symposium feel more like an audience and less like participants in a dissective discussion. Because Kraft presented a compendious collection of empirical information, and, based on it, an exceedingly novel series of suggestions on the cepheid problem, these defects were probably aggravated by the first and alleviated by the second. I am much indebted to Kraft for working with me on a preliminary editing, to try to delete the side-excursions and to retain coherence about the main points. As usual, however, all responsibility for defects in final editing is wholly my own.)

C. The Continuous Spectrum of Pulsating Variable Stars

1967 ◽  
Vol 28 ◽  
pp. 177-206
Author(s):  
J. B. Oke ◽  
C. A. Whitney
Keyword(s):  
Continuous Spectrum ◽  
Variable Stars ◽  
Velocity Fields ◽  
The Other ◽  
Line Spectrum ◽  
Direct Information ◽  
Thermodynamic Structure ◽  
Diagnostic Interpretation ◽  
Pulsating Variable Stars ◽  
The Continuum

Pecker:The topic to be considered today is the continuous spectrum of certain stars, whose variability we attribute to a pulsation of some part of their structure. Obviously, this continuous spectrum provides a test of the pulsation theory to the extent that the continuum is completely and accurately observed and that we can analyse it to infer the structure of the star producing it. The continuum is one of the two possible spectral observations; the other is the line spectrum. It is obvious that from studies of the continuum alone, we obtain no direct information on the velocity fields in the star. We obtain information only on the thermodynamic structure of the photospheric layers of these stars–the photospheric layers being defined as those from which the observed continuum directly arises. So the problems arising in a study of the continuum are of two general kinds: completeness of observation, and adequacy of diagnostic interpretation. I will make a few comments on these, then turn the meeting over to Oke and Whitney.

Sign in / Sign up

Export Citation Format

Share Document