Sectoral Shifts in Europe and the United States: How They Affect Aggregate Labour Shares and the Properties of Wage Equations = Changements sectoriels en Europe et aux Etats-Unis
This paper sheds light on the importance of aggregation bias in the analysis of wage shares developments over time and across countries. We focus on five European countries and the United States and show that the trend decline in the aggregate wage share observed in these countries over much of the...
Gespeichert in:
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| Weitere Verfasser: | , |
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2002
|
| Schriftenreihe: | OECD Economics Department Working Papers
no.326 |
| Schlagworte: | |
| Online-Zugang: | DE-863 |
| Zusammenfassung: | This paper sheds light on the importance of aggregation bias in the analysis of wage shares developments over time and across countries. We focus on five European countries and the United States and show that the trend decline in the aggregate wage share observed in these countries over much of the 1980s and 1990s partly reflects changes in the sectoral composition of the economy. The application of a fixed-weight aggregation method changes the profile of the observed wage share in a significant way: in particular there is no longer sign of an overshooting of the wage share levels of the early-1970s. Error-correction wage equations based on the adjusted wage shares generally have a better regression fit and show long-run elasticities of real wages to unemployment that vary less across countries and are substantially lower than those obtained with observed shares. These results are broadly confirmed by wage regressions using sectoral data and the Pooled Mean Group estimator ... |
| Beschreibung: | 1 Online-Ressource (49 Seiten) 21 x 29.7cm. |
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| spelling | de Serres, Alain VerfasserIn aut Sectoral Shifts in Europe and the United States How They Affect Aggregate Labour Shares and the Properties of Wage Equations = Changements sectoriels en Europe et aux Etats-Unis Alain, de Serres, Stefano, Scarpetta and Christine, de la Maisonneuve Changements sectoriels en Europe et aux Etats-Unis Paris OECD Publishing 2002 1 Online-Ressource (49 Seiten) 21 x 29.7cm. Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier OECD Economics Department Working Papers no.326 This paper sheds light on the importance of aggregation bias in the analysis of wage shares developments over time and across countries. We focus on five European countries and the United States and show that the trend decline in the aggregate wage share observed in these countries over much of the 1980s and 1990s partly reflects changes in the sectoral composition of the economy. The application of a fixed-weight aggregation method changes the profile of the observed wage share in a significant way: in particular there is no longer sign of an overshooting of the wage share levels of the early-1970s. Error-correction wage equations based on the adjusted wage shares generally have a better regression fit and show long-run elasticities of real wages to unemployment that vary less across countries and are substantially lower than those obtained with observed shares. These results are broadly confirmed by wage regressions using sectoral data and the Pooled Mean Group estimator ... Economics United States Scarpetta, Stefano MitwirkendeR ctb de la Maisonneuve, Christine MitwirkendeR ctb |
| spellingShingle | de Serres, Alain Sectoral Shifts in Europe and the United States How They Affect Aggregate Labour Shares and the Properties of Wage Equations = Changements sectoriels en Europe et aux Etats-Unis Economics United States |
| title | Sectoral Shifts in Europe and the United States How They Affect Aggregate Labour Shares and the Properties of Wage Equations = Changements sectoriels en Europe et aux Etats-Unis |
| title_alt | Changements sectoriels en Europe et aux Etats-Unis |
| title_auth | Sectoral Shifts in Europe and the United States How They Affect Aggregate Labour Shares and the Properties of Wage Equations = Changements sectoriels en Europe et aux Etats-Unis |
| title_exact_search | Sectoral Shifts in Europe and the United States How They Affect Aggregate Labour Shares and the Properties of Wage Equations = Changements sectoriels en Europe et aux Etats-Unis |
| title_full | Sectoral Shifts in Europe and the United States How They Affect Aggregate Labour Shares and the Properties of Wage Equations = Changements sectoriels en Europe et aux Etats-Unis Alain, de Serres, Stefano, Scarpetta and Christine, de la Maisonneuve |
| title_fullStr | Sectoral Shifts in Europe and the United States How They Affect Aggregate Labour Shares and the Properties of Wage Equations = Changements sectoriels en Europe et aux Etats-Unis Alain, de Serres, Stefano, Scarpetta and Christine, de la Maisonneuve |
| title_full_unstemmed | Sectoral Shifts in Europe and the United States How They Affect Aggregate Labour Shares and the Properties of Wage Equations = Changements sectoriels en Europe et aux Etats-Unis Alain, de Serres, Stefano, Scarpetta and Christine, de la Maisonneuve |
| title_short | Sectoral Shifts in Europe and the United States |
| title_sort | sectoral shifts in europe and the united states how they affect aggregate labour shares and the properties of wage equations changements sectoriels en europe et aux etats unis |
| title_sub | How They Affect Aggregate Labour Shares and the Properties of Wage Equations = Changements sectoriels en Europe et aux Etats-Unis |
| topic | Economics United States |
| topic_facet | Economics United States |
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