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The market for labor in interwar Britain

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  • Beenstock, Michael
  • Warburton, Peter

Abstract

Using annual data we estimate an econometric model of the interwar labour market in Britain. The model determines aggregate employment, unemployment, the working population and wage rates. The latter are determined via an augmented Phillips Curve, in which the 'natural' rate of unemployment is hypothesised to be influenced, inter alia, by the real level of unemployment benefit. Various counterfactual simulations are conducted to explore the effects of social security policy, monetary policy and the state of the world economy on domestic labour market developments. We find that much, though not all, of the rise in interwar unemployment was an equilibrium phenomenon.
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Suggested Citation

  • Beenstock, Michael & Warburton, Peter, 1991. "The market for labor in interwar Britain," Explorations in Economic History, Elsevier, vol. 28(3), pages 287-308, July.
    • Handle: RePEc:eee:exehis:v:28:y:1991:i:3:p:287-308
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    Cited by:

    1. Ed Butchart, 1997. "Unemployment and Non-Employment in Interwar Britain," Oxford Economic and Social History Working Papers _016, University of Oxford, Department of Economics.
    2. Timothy J. Hatton & Mark Thomas, 2012. "Labour Markets in Recession and Recovery: The UK and the USA in the 1920s and 1930s," CEH Discussion Papers 001, Centre for Economic History, Research School of Economics, Australian National University.
    3. Tony Syme, 2000. "Public Policy and Unemployment in Interwar France: An Empirical Approach," Economics Series Working Papers 55, University of Oxford, Department of Economics.
    4. Timothy J. Hatton & Mark Thomas, 2010. "Labour markets in the interwar period and economic recovery in the UK and the USA," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 26(3), pages 463-485, Autumn.
    5. Ed Butchart, 1997. "Unemploymentand Non-Employment in Interwar Britain," Economics Series Working Papers 1997-W16, University of Oxford, Department of Economics.

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