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Wage Inflexibility in Britain

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Author Info
Carruth, Alan
Oswald, Andrew

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Abstract

This paper studies wage inflexibility in Britain. It examines various kinds of microeconomic data on move ments in real pay and uses aggregate data to estimate real consumptio n earnings and real product wage rate equations. The paper's first ma in point is that the unemployment elasticity of real wages is small ( a little under A 0.1), and that it rises or falls with the unemployme nt rate, depending on the wage series to be explained. The second is that profits enter positively and significantly into real wage and ea rnings equations (with an elasticity of approximately 0.05). Copyright 1987 by Blackwell Publishing Ltd

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Publisher Info
Article provided by Department of Economics, University of Oxford in its journal Oxford Bulletin of Economics & Statistics.

Volume (Year): 49 (1987)
Issue (Month): 1 (February)
Pages: 59-78
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Handle: RePEc:bla:obuest:v:49:y:1987:i:1:p:59-78

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  1. Robert Anderton & Ray Barrell, 1995. "The ERM and structural change in European labour markets: A study of 10 countries," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 131(1), pages 47-66, March. [Downloadable!] (restricted)
  2. R. L. Martin & P. Tyler, 1994. "Real Wage Rigidity at the Local Level in Great Britain," Regional Studies, Taylor and Francis Journals, vol. 28(8), pages 833-842, December. [Downloadable!] (restricted)
  3. David G. Blanchflower & Andrew J. Oswald & Mario D. Garrett, 1990. "Insider Power in Wage Determination," NBER Working Papers 3179, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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