Long-term Unemployment and the Wage Equation in Britain, 1925-1939
AbstractThis paper shows that addition of a long-term unemployment variable substantially improves estimates of the wage equation in interwar Britain. Long-term unemployment did not have a damping effect on wage growth whereas short-term unemployment did reduce wage inflation. The results imply that, during the 1930s, the nonaccelerating inflation rate of unemployment rose as the composition of the stock of unemployed altered. Both insider-outsider arguments and employer perceptions of low productivity characteristics among the long-term unemployed are likely explanations for the results in the paper. Copyright 1989 by The London School of Economics and Political Science.
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Bibliographic InfoArticle provided by London School of Economics and Political Science in its journal Economica.
Volume (Year): 56 (1989)
Issue (Month): 222 (May)
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- Nicholas Crafts & Peter Fearon, 2010.
"Lessons from the 1930s Great Depression,"
Oxford Review of Economic Policy,
Oxford University Press, vol. 26(3), pages 285-317, Autumn.
- Crafts, Nicholas & Fearon, Peter, 2010. "Lessons from the 1930s' Great Depression," CEPR Discussion Papers 8057, C.E.P.R. Discussion Papers.
- Crafts, Nicholas; Fearon, Peter, 2010. "Lessons from the 1930s' Great Depression," CAGE Online Working Paper Series 23, Competitive Advantage in the Global Economy (CAGE).
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