چکیده:
Today, productivity is considered a necessity for economic growth and improving the standard of living and welfare of a country. Since the early 1970s, productivity has been one of the most important topics that has attracted special attention at the level of organizations and countries. In fact, the amount and rate of productivity growth in each country has a significant impact on the trend of macroeconomic variables at the global level. Many factors affect productivity, among which the role of wages and inflation can be very important. Quantitative indicators of inflation, wages and productivity alone are not informative and effective. For this reason, one of the scientific methods for studying economic data is their statistical modeling using non-linear tools such as the Markov switching technique. While examining the advantages of the Markov switching technique, this article uses this method in the form of an econometric model in the field of investigating the nonlinear effects of wages and inflation on labor productivity in 17 selected developing countries during the period from 2006 to 2020. The obtained results show that in both boom and recession regimes, the intersectional effects of wages and inflation have a negative effect on labor productivity.
خلاصه ماشینی:
Scientific Quarterly of Islamic Economics and Banking, No. 50, Spring 2025 - Pages 465-482 Estimating Nonlinear Wage and Inflation Vectors Using Markov Switching Technique Article Type: Research Akram Hasanzad Kashki 1, Mehdi Moradi 2, Sima Eskandari Sabzi 3 Received Date: 2024/06/10 Acceptance Date: 2024/08/26 Abstract Nowadays, productivity is considered a necessity for economic growth and the improvement of the standard of living and welfare of a country.
This article, while examining the advantages of the Markov switching technique, employs this method in the form of an econometric model to investigate the nonlinear effects of wages and inflation on labor productivity in 17 selected developing countries during the period 2006 to 1.
Model estimation results Probability t-statistic Standard Deviation Coefficient Variable Regime 1 (Boom) C 6/0667 1/0778 5/6285 0/0000 W*INF -0/4988 0/1185 -4/2093 0/0000 FDI 0/1241 0/0673 1/8438 0/0652 LnH 0/3722 0/0511 7/2794 0/0000 Scientific Quarterly of Islamic Economics and Banking, No. 50, Spring 2025 477 LnDB 0/05553 0/0183 3/0226 0/0025 LnCC 0/2853 0/0855 3/3343 0/0009 LnO 0/6584 0/2973 2/2143 0/0268 Regime 2 (Recession) C -8/6468 5/0727 -1/7045 0/0883 W*INF -0/9623 0/1832 -5/2505 0/0000 FDI -0/2658 0/1027 -2/5886 0/0096 LnH 0/3293 0/0227 14/4799 0/0000 LnDB 0/0482 0/0096 5/0025 0/0000 LnCC -0/2453 0/1076 -2/2697 0/0226 LnO 0/4761 0/1463 3/2529 0/0011 Source: Eviews software output The results obtained from regime (1) can be presented as follows: - The interaction effects of wage and inflation have a negative effect on labor productivity and are significant at the one percent level.
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