the same time, wage earners ’ share of corporate earnings has declined. historically, there has been a clearly negative relationship between unemployment and wage shares. developments in recent years have paved the way for strong growth in employment, also today when the cyclical upturn is in a mature phase. developments in the past years must be seen against the background of the effects of a number of positive supply - side conditions on the norwegian economy. high export prices and low import prices have led to a low rate of increase in consumer prices and an increase in household real wage income, but also to high corporate earnings and solid growth in employment. see, inter alia, rogoff, k. ( 2003 ), “ globalization and global disinflation, ” federal reserve bank of kansas city economic review, fourth quarter, 45 - 78. at the same time, productivity growth has been unusually high. the effects of this are more complex. in the early phase of the recovery, this delayed a pick - up in employment growth, but also contributed to low inflation. increased productivity means that demand can remain high without rising inflation. the interest rate was set at a low level to bring inflation back to target. at the same time, this also enabled enterprises to make use of a higher growth potential. eventually this also resulted in higher demand for labour. improved efficiency is another factor that explains the high level of profitability in the norwegian business sector. at the same time, there has been an ample supply of foreign labour, which has probably had a dampening impact on wage growth. in addition, increased globalisation in general may have broadened the scope for norwegian enterprises to relocate production to other countries if labour costs become too high. such a development probably places some restraint on wage demands among workers in sectors where enterprises have such opportunities. is it possible to sustain the combination of low employment and low wage shares? first, it partly depends on whether the positive supply - side conditions are sustained. there is probably symmetry here. should the terms of trade deteriorate, productivity growth slacken and foreign workers return to their home country, the wage share will increase, profits fall and unemployment increase. second, even without a reversal profits may fall and unemployment rise. the implications of this will depend on how far businesses, in their search for qualified labour, will stretch themselves in bidding up wages. this will also depend on how employees react and their adaptability as well as developments in benefit schemes and other social schemes. long periods

to real estate credit only. it covers all the financing modes utilized for the development of the real estate industry such as equity financing, bond financing, credit financing and trust financing. like the development of other commodity markets, the development of china ’ s housing market must resolve the problems of final effective market demands and the demand for capital in the process of commodity production. the availability of working capital in the process of commodity production depends on whether the final effective demands exist. in my opinion, the problems of the current real estate finance in china do not mainly revolve on the credit policy for the real estate industry, instead they include the following 2 issues : first, there is not a risk separation mechanism in shape for the financing modes of the real estate industry. most of the risks are concentrated in banks ; second, the housing monetarization reform has not been completed yet. we are still lacking an appropriate solution that shall properly deal with the relationship between carrying out the housing monetarization reform and ensuring the basic living standard of the general public. this leads to some problems yet to be resolved in respect of income allocation, which shall have a negative impact on the effective demands for housing commodities. the former belongs to financial policy issues, while the latter belongs to housing policy and income allocation policy issues, but the latter has great impact on the safety of financial activities. we shall analyze the effective demands in the market as well as the effectiveness of various financing modes given the status quo of income allocation. we shall make research on the real estate finance in terms of the match between risk and return. the real estate industry is a capital intensive industry. prior to world war ii in the 20th century, the real estate market in various european and american countries were dominated by house leasing and tenancy. after world war ii, the purchase of houses was on rise and gradually became the predominant trade form in the market. however, nowadays tenancy and selling of houses still co - exist in the market in these countries. thanks to the promotion of housing mortgage loans, ordinary residents are now able to have access to the house purchase market. however, if the mortgage loans are improperly dealt with, they could bring about financial crises such as the crisis of the thrift and loan institutions in 1980s in the united states. maintaining the co - existence of house tenancy and selling is not only a method to satisfy the housing needs of the low - income people, but also a prerequisite to maintain the free mobility of the workforce.