In this paper, we analyze time-varying predictability of labor productivity for growth in income (and consumption) inequality of the United Kingdom (UK) based on a high-frequency (quarterly) data set over 1975:Q1 to 2016:Q1. Results indicate that the growth rate of an index of labor productivity has a strong predictive power on growth rate of income (and consumption) inequality in the UK. Interestingly, the strength of the predictive power is found to be higher towards the end of the sample period in the wake of the global financial crisis. In addition, based on time-varying impulse response function analysis, we find that inequality and labor productivity growth rates are in general negatively associated over our sample period, barring a short-lived positive impact initially.

在本文中，我们基于1975：Q1到2016：Q1的高频（季度）数据分析了劳动生产率对英国（UK）收入（和消费）不平等增长的时变可预测性。结果表明，劳动生产率指数的增长率对英国的收入（和消费）不平等增长率具有很强的预测能力。有趣的是，在全球金融危机之后，抽样期末预测能力的强度更高。此外，基于随时间变化的脉冲响应函数分析，我们发现在我们的样本期内，不平等和劳动生产率的增长总体上呈负相关，除非最初存在短暂的积极影响。