Web of Science: 3 citations, Scopus: 3 citations, Google Scholar: citations,
Real unit labour costs in Eurozone countries : drivers and clusters
Ordóñez, Javier 1947- (Universitat Jaume I. Departament d'Economia)
Sala Lorda, Hèctor (Universistat Autònoma de Barcelona. Departament d'Economia Aplicada)
Silva Becerra, José Ignacio (Universitat de Girona. Departament d'Economia)

Date: 2015
Abstract: We examine the trajectories of the real unit labour costs (RULCs) in a selection of Eurozone economies. Strong asymmetries in the convergence process of the RULCs and its components—real wages, capital intensity, and technology—are uncovered through decomposition and cluster analyses. In the last three decades, the PIIGS (Portugal, Ireland, Italy, Greece, and Spain) succeeded in reducing their RULCs by more than their northern partners. With the exception of Ireland, however, technological progress was weak; it was through capital intensification that periphery economies gained efficiency and competitiveness. Cluster heterogeneity, and lack of robustness in cluster composition, is a reflection of the difficulties in achieving real convergence and, by extension, nominal convergence. We conclude by outlining technology as the key convergence factor, and call for a wider strategy in labour market policies, which should be more oriented to promote the sources of productivity growth.
Note: Número d'acord de subvenció MINECO/ECO2014-58991-C3-2-R
Note: Número d'acord de subvenció UJI/P1.1B2014-17
Note: Número d'acord de subvenció PROMETEOII/2014/053
Note: Número d'acord de subvenció MINECO/ECO2012-31081
Rights: Aquest document està subjecte a una llicència d'ús Creative Commons. Es permet la reproducció total o parcial, la distribució, la comunicació pública de l'obra i la creació d'obres derivades, fins i tot amb finalitats comercials, sempre i quan es reconegui l'autoria de l'obra original. Creative Commons
Language: Anglès.
Document: article ; recerca ; publishedVersion
Subject: Real unit labour costs ; Eurozone ; Real wages ; Capital intensity ; Technology
Published in: IZA journal of European labor studies, Vol. 4, Núm. 15 (2015) , ISSN 2193-9012

DOI: 10.1186/s40174-015-0036-z


19 p, 562.5 KB

The record appears in these collections:
Articles > Research articles
Articles > Published articles

 Record created 2019-03-07, last modified 2019-10-11



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