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A Re-evaluation of the Relation between Wages and Unemployment in the United Kingdom

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  • Shadman-Mehta, Fatemeh

Abstract

This paper examines the long-run or equilibrium relationship between wages, prices and the unemployment rate in the United Kingdom, using annual data covering the period 1860-1999. Using Johansen's maximum likelihood method of testing for cointegration, two long-run relations are found in a small system of four variables. The first relation depicts the co-movement of the level of real wages adjusted for productivity, together with the unemployment rate and the rate of inflation. The second relation shows the co-movement between the rate of inflation and deviations of productivity from its trend growth. Copyright 2001 by The London School of Economics and Political Science

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

Volume (Year): 68 (2001)
Issue (Month): 272 (November)
Pages: 567-85

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Handle: RePEc:bla:econom:v:68:y:2001:i:272:p:567-85

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Cited by:
  1. Fumitaka Furuoka & Chong Mun Ho, 2009. "Phillips curves and openness: New evidence from selected Asian economies," Economics Bulletin, AccessEcon, vol. 29(1), pages 253-264.
  2. Burkhard Heer & Alfred Maussner, 2011. "The Cash-In-Advance Constraint in Monetary Growth Models," CESifo Working Paper Series 3647, CESifo Group Munich.

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