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The effects of macroeconomic policy shocks on the UK labour market Author info | Abstract | Publisher info | Download info | Related research | Statistics Athanasios Tagkalakis (Council of Economic Advisers, Ministry of Economy and Finance, Greece)
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This paper discusses the dynamic response of employment, average hours, and real wages to macroeconomic policy shocks in the UK in the period 1970 Q1-2003 Q1. Following a monetary policy shock the adjustment of labour input is primarily along the extensive margin. However, there is also significant adjustment along the intensive margin 1 year after the shock. A government spending shock leads to a fall in employment and hours, whereas real wages rise. This is attributed to the wage bill component of government consumption. Copyright © 2006 John Wiley & Sons, Ltd.
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Article provided by John Wiley & Sons, Ltd. in its journal International Journal of Finance & Economics .
Volume (Year): 11 (2006)
Issue (Month): 3 ()
Pages: 229-244
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Handle: RePEc:ijf:ijfiec:v:11:y:2006:i:3:p:229-244Contact details of provider: Web page: http://www.interscience.wiley.com/jpages/1076-9307/
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