What Can Wages and Employment Tell Us about the UK's Productivity Puzzle?
利用个人就业和工资数据，研究实际工资灵活性是否有助于解释英国自大衰退以来生产率停滞的现象，发现工资下降主要发生在同一工作内部，而非劳动力构成变化所致。
As in many European countries, labour productivity in the UK has been stagnant since the start of the Great Recession. This article uses individual data on employment and wages to try to understand whether real wage flexibility can help shed light on the UK's productivity puzzle. It finds, perhaps unsurprisingly, that workforce composition cannot explain the reduction in wages and hence productivity that we observe, even compared to previous recessions; instead, real wages have fallen significantly within jobs this time round. Why? One possibility we investigate is that the labour supply in the UK is higher compared to previous recessions.