임금과 생산성의 인과관계 연구-우리나라 제조업을 중심으로-

An Analysis of Causality between Wage and Productivity

The long run trend between wage and productivity moves in the same direction. Conventional wage theory predicts that improvements in labor productivity lead to wage increase However, efficiency wage theory and a certain union bargaining theory predict that boosting wage results in productivity improvement. As such, the theories explain the correlation between wage and productivity very well, nevertheless, empirically it is very difficult to identify how much productivity drives wage and vice versa Addressing this problem, this study uses the Geweke linear feedback method, which decomposes the association between two time series into bi-directional components. Using productivity and wage data for Korea manufacturing for l985~1999, we disentangle the relationship between wage and productivity. We find that productivity improvement absolutely leads the wage growth Impulse response confirms this result.