Assessing the Role of Determinants of the Value-Added Breakdown
Mussard, Stéphane
Assessing the Role of Determinants of the Value-Added Breakdown - 2010.
83
In the second half of the period 1961-2000, the unemployment rate trended down in the United States and the United Kingdom, and trended up steadily in Germany, France, and Italy. Can we explain this divergence by assuming that the impact of wage demands on the value-added breakdown was more restrained in the U.S. and U.K. than in the three continental European economies? To answer this question, we use the Shapley value function. It enables us to measure – for each of the five economies –the contributions of the growth rates of real wages and unit labor costs during the period 1981-2000 to the formation of (1) growth rates of margin ratios, (2) changes in margin ratios, and (3) changes in gross operating surpluses. With a single exception, those contributions –which are obviously negative– prove to be weaker in the U.S. and U.K. than in the three continental European economies.
Assessing the Role of Determinants of the Value-Added Breakdown - 2010.
83
In the second half of the period 1961-2000, the unemployment rate trended down in the United States and the United Kingdom, and trended up steadily in Germany, France, and Italy. Can we explain this divergence by assuming that the impact of wage demands on the value-added breakdown was more restrained in the U.S. and U.K. than in the three continental European economies? To answer this question, we use the Shapley value function. It enables us to measure – for each of the five economies –the contributions of the growth rates of real wages and unit labor costs during the period 1981-2000 to the formation of (1) growth rates of margin ratios, (2) changes in margin ratios, and (3) changes in gross operating surpluses. With a single exception, those contributions –which are obviously negative– prove to be weaker in the U.S. and U.K. than in the three continental European economies.
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