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Measuring the comprehensive wage effect of changes in unit labor cost

机译:衡量单位劳动力成本变化的综合工资效应

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摘要

Unit labor cost (ULC) is defined as labor compensation per value added. It captures the cost competitiveness of industries and countries. As labor compensation is wage multiplied by hours worked or number of people employed, it is easy to show that ULC is wage divided by labor productivity. Thus, changes in ULC are often discussed in the context of wage increases and labor productivity. However, a higher wage induces firms to substitute labor with capital, which affects labor productivity. However, the conventional decomposition of changes in ULC dismisses this indirect impact of wage on ULC through labor productivity. We propose an alternative decomposition of the change in ULC with a measure of a comprehensive wage effect, which fully captures its direct as well as indirect impact. It allows us to understand more accurately the role of wage changes in enhancing cost competitiveness. Furthermore, we compare measures of the wage effect under two decompositions, using data from 18 OECD countries over the 1995 - 2005 period. We find the wage effect to be significantly overestimated under the conventional decomposition. This study looks at ULC for the whole country as well as for two sectors-manufacturing sector and electricity, gas, and water supply sector.
机译:单位人工成本(ULC)定义为每增加值的人工补偿。它捕获了行业和国家的成本竞争力。由于劳动报酬是工资乘以工作小时数或受雇人数,因此很容易表明,超低工资是工资除以劳动生产率。因此,通常在工资增长和劳动生产率的背景下讨论ULC的变化。但是,较高的工资会促使企业用资本替代劳动力,从而影响劳动生产率。但是,传统的ULC变化分解消除了工资通过劳动生产率对ULC的这种间接影响。我们建议采用一种综合工资效应的方法来对超低成本的变化进行另一种分解,以充分体现其直接和间接影响。它使我们能够更准确地了解工资变动在增强成本竞争力中的作用。此外,我们使用来自18个经合组织国家1995年至2005年期间的数据,比较了两次分解下的工资效应测度。我们发现,在常规分解下,工资效应被大大高估了。本研究着眼于整个国家以及两个行业的ULC,包括制造业,电力,天然气和供水行业。

著录项

  • 作者

    Mizobuchi Hideyuki;

  • 作者单位
  • 年度 2015
  • 总页数
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类

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