期刊名称：Discussion Paper Series / Department of Economics, Monash University
出版年度：2010
卷号：1
出版社：Monash University
摘要：Using multivariate cointegration and error-correction modeling techniques, this
paper attempts to examine whether there exists a productivity-wageunemployment
relationship in Malaysia at the macroeconomic level. The main
findings show that unemployment is dichotomized from the long-run equilibrium
relationship between labor productivity and real wages, implying labor
productivity is an important long-run factor in determining real wages, while
unemployment has negligible effect on the real wage rates. However, the real
wages are very responsive to a change in labor productivity, signaling the labor
market is tight that leads to an increase in unit labor cost. To be more resilient to
rising wages and productivity gap in a globally competitive environment, the
Malaysian industries should move up the value chain, and promote skill- and
technology-intensive production.
