Real Wages, Demand and Employment in the UK 1921-1938: A Disaggregated Analysis.
This paper uses the Layard and Nickell model of the labour market to examine the determinants of employment at a sectoral level for the interwar UK economy. Sectoral level data permits examination of the differing responses to changes in the determinants of employment. Estimation of employment functions indicates significant elasticities with respect to aggregate demand variables across a wide range of sectors but less support for a negative real wage effect, particularly in those industries responsible for major losses in employment. The evidence is therefore more consistent with the low-aggregate-demand explanation of labour market behaviour than it is with the high-real-wage hypothesis. Copyright 1997 by Blackwell Publishing Ltd and the Board of Trustees of the Bulletin of Economic Research
Year of publication: |
1997
|
---|---|
Authors: | Turner, Paul ; Bowden, Sue |
Published in: |
Bulletin of Economic Research. - Wiley Blackwell. - Vol. 49.1997, 4, p. 309-25
|
Publisher: |
Wiley Blackwell |
Saved in:
Saved in favorites
Similar items by person
-
Uncertainty and the competitive decline of the British motor industry: 1945 - 75
Bowden, Sue M., (1998)
-
Productivity and long-term growth potential in the UK economy 1924 - 1968
Bowden, Sue M., (1991)
-
The effect of the Thatcher government on company liquidations : an econometric study
Turner, Paul, (1992)
- More ...