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Changes in output, employment and wages during recessions in the United Kingdom

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  • Faccini, Renato

    ()
    (Bank of England)

  • Hackworth, Christopher

    ()
    (Bank of England)

Abstract

Employment has fallen during this recession but by much less than the fall in output. This article examines how the behaviour of the labour market compares with previous recessions. A number of factors, including greater flexibility in real wages, may have helped to mitigate the fall in employment to date. But there is considerable uncertainty about how the labour market will evolve.

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File URL: http://www.bankofengland.co.uk/publications/quarterlybulletin/qb100103.pdf
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Bibliographic Info

Article provided by Bank of England in its journal Bank of England Quarterly Bulletin.

Volume (Year): 50 (2010)
Issue (Month): 1 ()
Pages: 43-50

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Handle: RePEc:boe:qbullt:0015

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  1. Stefano Gnocchi & Evi Pappa, 2009. "Do labor market rigidities matter for business cycles? Yes they do," Working Papers 411, Barcelona Graduate School of Economics.
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Cited by:
  1. Nicholas Oulton, 2013. "Medium and long run prospects for UK growth in the aftermath of the financial crisis," Discussion Papers 1307, Centre for Macroeconomics (CFM).
  2. Oulton, Nicholas & Sebastia-Barriel, Maria, 2013. "Long and short-term effects of the financial crisis on labour productivity, capital and output," Bank of England working papers 470, Bank of England.
  3. Burgess, Stephen & Fernandez-Corugedo, Emilio & Groth, Charlotta & Harrison, Richard & Monti, Francesca & Theodoridis, Konstantinos & Waldron, Matt, 2013. "The Bank of England's forecasting platform: COMPASS, MAPS, EASE and the suite of models," Bank of England working papers 471, Bank of England.
  4. Hughes, Abigail & Saleheen, Jumana, 2012. "UK labour productivity since the onset of the crisis — an international and historical perspective," Bank of England Quarterly Bulletin, Bank of England, vol. 52(2), pages 138-146.

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