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The Effects of Inflation and Real Wages on Employment

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  • Wadhwani, Sushil B

Abstract

This paper considers the effects of inflation on employment. The absence of index-linked loans and the possibility that errors are committed in times of inflation, lead to a higher probability of bankruptcy during inflation. If firms care about bankruptcy, this implies a lower level of employment. Empirical results confirming this are presented, and suggest that higher inflation has substantially contributed to the fall in employment in the United Kingdom. The authors also demonstrate that a negative real-wage elasticity is not robust to changes in specification. Copyright 1987 by The Review of Economic Studies Limited.

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Bibliographic Info

Article provided by London School of Economics and Political Science in its journal Economica.

Volume (Year): 54 (1987)
Issue (Month): 213 (February)
Pages: 21-40

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Handle: RePEc:bla:econom:v:54:y:1987:i:213:p:21-40

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Cited by:
  1. Marimon, Ramon & Zilibotti, Fabrizio, 1999. "Employment and Distributional Effects of Restricting Working Time," CEPR Discussion Papers 2127, C.E.P.R. Discussion Papers.
  2. Lichter, Andreas & Peichl, Andreas & Siegloch, Sebastian, 2014. "The Own-Wage Elasticity of Labor Demand: A Meta-Regression Analysis," IZA Discussion Papers 7958, Institute for the Study of Labor (IZA).
  3. Nickell, Stephen & Nicolitsas, Daphne, 1999. "How does financial pressure affect firms?," European Economic Review, Elsevier, vol. 43(8), pages 1435-1456, August.
  4. Jennifer Hunt, 1999. "Has Work-Sharing Worked In Germany?," The Quarterly Journal of Economics, MIT Press, vol. 114(1), pages 117-148, February.
  5. Tim Jenkinson & Sandeep Bhargava, 1996. "Partage explicite ou implicite du profit dans la détermination des salaires," Économie et Prévision, Programme National Persée, vol. 126(5), pages 19-29.
  6. Jennifer Hunt, 1996. "The Response of Wages and Actual Hours Worked to the Reductions of Standard Hours," NBER Working Papers 5716, National Bureau of Economic Research, Inc.
  7. Broersma, L., 1992. "A bankruptcy constraint and asymmetric influence of the real interest rate on unemployment," Serie Research Memoranda 0038, VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics.
  8. Sena, Vania, 2006. "The determinants of firms' performance: Can finance constraints improve technical efficiency?," European Journal of Operational Research, Elsevier, vol. 172(1), pages 311-325, July.
  9. Friesen, Jane, 2001. "Overtime pay regulation and weekly hours of work in Canada," Labour Economics, Elsevier, vol. 8(6), pages 691-720, December.

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