A Two-Sector Analysis of the UK Labour Market
AbstractThis paper investigates why the U.K. has experienced steadily higher unemployment at cyclical peaks since 1965 using a structural model of the U.K. labor market. The mo del emphasizes the differences in experience and structure of the man ufacturing and nonmanufacturing private sectors using a bargaining ap proach to wage determination. Empirical results for the post-1965 per iod suggest that adverse supply shocks, such as tax increases, as wel l as demand deficiencies have played an important role in determinin g the increase in the level of unemployment and the degree of real wa ge stickiness, which is the corollary of this rise. Copyright 1987 by Blackwell Publishing Ltd
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Bibliographic InfoArticle provided by Department of Economics, University of Oxford in its journal Oxford Bulletin of Economics & Statistics.
Volume (Year): 49 (1987)
Issue (Month): 1 (February)
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- David G. Blanchflower & Andrew J. Oswald, 1995.
"The Wage Curve,"
MIT Press Books,
The MIT Press,
edition 1, volume 1, number 026202375x, January.
- Kees Folmer, 2009. "Why do macro wage elasticities diverge? A meta analysis," CPB Discussion Paper 122, CPB Netherlands Bureau for Economic Policy Analysis.
- Kees Folmer, 2009. "Why do macro wage elasticities diverge?," CPB Memorandum 224, CPB Netherlands Bureau for Economic Policy Analysis.
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