G2TT
来源类型Discussion paper
规范类型论文
来源IDDP5455
DP5455 Performance Related Pay and Labour Productivity
Jan C. van Ours; Anne Gielen; Marcel J M Kerkhofs
发表日期2006-01-13
出版年2006
语种英语
摘要A basic tenet of economic science is that productivity growth is the source of growth in real income per capita. But our results raise doubts by creating a direct link between macro productivity growth and the micro evolution of the income distribution. We show that over the entire period 1966-2001, as well as over 1997-2001, only the top 10 percent of the income distribution enjoyed a growth rate of real wage and salary income equal to or above the average rate of economy-wide productivity growth. Growth in median real wage and salary income barely grew at all while average wage and salary income kept pace with productivity growth, because half of the income gains went to the top 10% of the income distribution, leaving little left over for the bottom 90%. Half of this inequality effect is attributable to gains of the 90th percentile over the 10th percentile; the other half is due to increased skewness within the top 10%. In addition to its micro analysis, this paper also asks whether faster productivity growth reduces inflation, raises nominal wage growth, or raises profits. We find that an acceleration or deceleration of the productivity growth trend alters the inflation rate by at least one-for-one in the opposite direction. This paper revives research on wage adjustment and produces a dynamic interactive model of price and wage adjustment that explains movements of labour's share of income. What caused rising income inequality? Economists have placed too much emphasis on 'skill-biased technical change' and too little attention to the sources of increased skewness at the very top, within the top 1% of the income distribution. We distinguish two complementary explanations, the 'economics of superstars,' i.e., the pure rents earned by sports and entertainment stars, and the escalating compensation premia of CEOs and other top corporate officers. These sources of divergence at the top, combined with the role of deunionization, immigration, and free trade in pushing down incomes at the bottom, have led to the wide divergence between the growth rates of productivity, average compensation, and median compensation.
主题International Macroeconomics
关键词Wage and price econometrics Productivity growth Income inequality Income tax data
URLhttps://cepr.org/publications/dp5455
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/534307
推荐引用方式
GB/T 7714
Jan C. van Ours,Anne Gielen,Marcel J M Kerkhofs. DP5455 Performance Related Pay and Labour Productivity. 2006.
条目包含的文件
条目无相关文件。
个性服务
推荐该条目
保存到收藏夹
导出为Endnote文件
谷歌学术
谷歌学术中相似的文章
[Jan C. van Ours]的文章
[Anne Gielen]的文章
[Marcel J M Kerkhofs]的文章
百度学术
百度学术中相似的文章
[Jan C. van Ours]的文章
[Anne Gielen]的文章
[Marcel J M Kerkhofs]的文章
必应学术
必应学术中相似的文章
[Jan C. van Ours]的文章
[Anne Gielen]的文章
[Marcel J M Kerkhofs]的文章
相关权益政策
暂无数据
收藏/分享

除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。