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An Empirical Evaluation of the Disequilibrium Real Wage Rate Hypothesis

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  • Jacques R. Artus

Abstract

The rise in the share of labor costs invalue added in many industrial countries during the 1970s and early 1980s has led many observers to conclude that real wages are now too high and a source of "classical" unemployment. These conclusions are not necessarily valid. The increase in the labor share could be warranted by long-run changes in production techniques,in the price of energy, or in the relative availability of labor and capital. This paper uses a production function approach to examine these possibilities.

Suggested Citation

  • Jacques R. Artus, 1984. "An Empirical Evaluation of the Disequilibrium Real Wage Rate Hypothesis," NBER Working Papers 1404, National Bureau of Economic Research, Inc.
  • Handle: RePEc:nbr:nberwo:1404
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    1. Martin Neil Baily, 1981. "Productivity and the Services of Capital and Labor," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 12(1), pages 1-66.
    2. Barry P. Bosworth, 1982. "Capital Formation and Economic Policy," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 13(2), pages 273-326.
    3. Derek Blades, 1983. "Service Lives of Fixed Assets," OECD Economics Department Working Papers 4, OECD Publishing.
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    Cited by:

    1. Luis M. Cubeddu & Camilo E Tovar Mora & Evridiki Tsounta, 2012. "Latin America; Vulnerabilities Under Construction?," IMF Working Papers 12/193, International Monetary Fund.
    2. Klodt, Henning, 1985. "Lohnquote und Beschäftigung - die Lohnlücke," Kiel Working Papers 230, Kiel Institute for the World Economy (IfW).
    3. Robert J. Gordon, 1991. "Productivity, Wages, and Prices Inside and Outside of Manufacturing in the U.S., Japan, and Europe," NBER Chapters,in: International Volatility and Economic Growth: The First Ten Years of The International Seminar on Macroeconomics, pages 153-207 National Bureau of Economic Research, Inc.
    4. Paqué, Karl-Heinz, 1989. "Wage gaps, hysteresis and structural unemployment: The West German labour market in the seventies and eighties," Kiel Working Papers 358, Kiel Institute for the World Economy (IfW).
    5. Charles Wyplosz, 1987. "La France en 1986 : bilan et perspectives macro-économiques," Revue Économique, Programme National Persée, vol. 38(3), pages 677-702.
    6. Nicoletta Batini & Brian Jackson & Stephen Nickell, 2000. "Inflation Dynamics and the Labour Share in the UK," Discussion Papers 02, Monetary Policy Committee Unit, Bank of England.
    7. Paqué, Karl-Heinz, 1989. "Micro-macro links in West Germany's unemployment," Kiel Working Papers 378, Kiel Institute for the World Economy (IfW).
    8. Paqué, Karl-Heinz, 1990. "Unemployment in West Germany: A survey of explanations and policy options," Kiel Working Papers 407, Kiel Institute for the World Economy (IfW).
    9. Patrick Artus, 1987. "Salaire réel et emploi," Revue Économique, Programme National Persée, vol. 38(3), pages 625-660.

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