The decoupling between labour compensation and productivity in high‐income countries: Why is the nexus broken?
研究了22个高收入国家1970-2018年间劳动报酬与生产率增长脱钩的程度，发现劳动力市场松弛和亲劳动制度弱化是主要压制工资的因素，贸易开放和资本流动也有负面影响，而技术变革的作用不显著。
Abstract During the last decades, mature economies have tended to experience a divergence between labour compensation and productivity growth. Interpretations of this trend are still under debate. Our article aims at contributing to a sound, evidence‐based understanding. We estimate the magnitude of this decoupling for a panel of 22 high‐income economies (1970–2018) and empirically assess the role of a variety of factors. After providing evidence that casts doubt on the impact of technical change, we adopt a ‘political economy’ standpoint and focus on the structural effects on real compensation growth of several macroeconomic and institutional dimensions. Our findings indicate that labour market slack and the weakening of pro‐labour institutions have acted as important wage‐squeezing factors. A negative effect is also found for trade openness and international capital mobility, while most financialization variables are not significant. The robustness of our results is supported by a range of tests and specifications.