Enrichissement de la croissance en emploi et productivité
Enrichissement de la croissance en emploi et productivité, by Nicolas Carnot and Alain Quinet The decline in labour productivity gains since the late 80s in Europe, especially in France, may have several origins. It may reflect a slowdown in the rate of technical progress, the incidence of work sharing schemes or a rebalancing of factor productivities. This article highlights the importance of this rebalancing process, in response to the fall in the relative cost of labour, particularly unskilled labour. The decline in labour productivity gains cannot be considered as an unfavourable development as long as it reflects a labour deepening process, in the context of falling unemployment. We illustrate the role of factor costs using a standard labour market model including labour heterogeneity. A dynamic version of the model is calibrated to provide an idea of the response of GDP, employment and factor productivities to cost shocks.
Volume (Year): 69 (2003)
Issue (Month): 1 ()
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