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Testing the great decoupling: a long memory approach (CROSBI ID 261232)

Prilog u časopisu | izvorni znanstveni rad | međunarodna recenzija

Gil-Alana, Luis Alberiko ; Škare, Marinko Testing the great decoupling: a long memory approach // Empirica, 45 (2018), 801; 801-820. doi: 10.1007/s10663-017-9390-6

Podaci o odgovornosti

Gil-Alana, Luis Alberiko ; Škare, Marinko

engleski

Testing the great decoupling: a long memory approach

The disconnection between productivity and workers’ compensation after 1980 is a fact not only for the U.S., Canada, Japan but also for Europe. The level of the decoupling between labor productivity and real hourly compensation is highest in the U.S. and Japan and lowest in Norway and Germany. This study investigates the great decoupling phenomena between 1950 and 2014 for eight economies with available time series data. The results should assist policy makers in developing efficient wage-setting mechanisms and help researchers in the field of wage moderation policy and the great decoupling. For this purpose we use fractional integration and cointegration techniques. Countries with stagnating minimum wages, rigid wage moderation policy and a high level of technological progress (strong total factor productivity growth) register higher wage stagnation in relation to labor productivity. Policy makers should be extremely careful when using wage moderation policy to improve a country’s competitiveness and should monitor the wage stagnation behind labor productivity (great decoupling) since workers have been producing more but receiving significantly less since 1980. The great decoupling is more prominent today and it is constantly increasing not just in the U.S. and Japan but worldwide.

Productivity Employment Wages Great decoupling Long memory

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Podaci o izdanju

45 (801)

2018.

801-820

objavljeno

0340-8744

1573-6911

10.1007/s10663-017-9390-6

Trošak objave rada u otvorenom pristupu

APC

Povezanost rada

Ekonomija, Interdisciplinarne društvene znanosti

Poveznice
Indeksiranost