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Earnings, unemployment, and housing in Britain

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Author Info
Gavin Cameron (Department of Economics, Oxford University, UK)
John Muellbauer (Nuffield College, Oxford, UK)

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Abstract

This paper models regional earnings and unemployment in the ten regions of Great Britain between 1972 and 1995, paying particular attention to their interaction and to the important influence of the housing market. In contrast to Blanchard and Katz (1992, 1997) for the United States, we find less persistence in British regional earnings differentials but greater persistence in regional unemployment rates. We find no evidence of a negative effect of the overall unemployment rate on the earnings of men in non-manual, or women in full-time, employment. However, for manual men, we find a significant elasticity of around −0.07, comparable with Blanchflower and Oswald (1994). Copyright © 2001 John Wiley & Sons, Ltd.

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File URL: http://qed.econ.queensu.ca:80/jae/2001-v16.3/
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Publisher Info
Article provided by John Wiley & Sons, Ltd. in its journal Journal of Applied Econometrics.

Volume (Year): 16 (2001)
Issue (Month): 3 ()
Pages: 203-220
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Handle: RePEc:jae:japmet:v:16:y:2001:i:3:p:203-220

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Sargan, J D, 1980. "A Model of Wage-Price Inflation," Review of Economic Studies, Blackwell Publishing, vol. 47(1), pages 97-112, January. [Downloadable!] (restricted)
  2. Layard, Richard & Nickell, Stephen, 1986. "Unemployment in Britain," Economica, London School of Economics and Political Science, vol. 53(210(S)), pages S121-69, Supplemen. [Downloadable!] (restricted)
  3. Blackaby, D H & Manning, D N, 1992. "Regional Earnings and Unemployment--A Simultaneous Approach," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 54(4), pages 481-501, November.
  4. Pissarides, Christopher A & McMaster, Ian, 1990. "Regional Migration, Wages and Unemployment: Empirical Evidence and Implications for Policy," Oxford Economic Papers, Oxford University Press, vol. 42(4), pages 812-31, October. [Downloadable!] (restricted)
  5. Jackman, Richard & Savouri, Savvas, 1992. "Regional Migration versus Regional Commuting: The Identification of Housing and Employment Flows," Scottish Journal of Political Economy, Scottish Economic Society, vol. 39(3), pages 272-87, August.
  6. Cameron, Gavin & Muellbauer, John, 1998. "The Housing Market and Regional Commuting and Migration Choices," CEPR Discussion Papers 1945, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  7. Muellbauer, John & Murphy, Anthony, 1997. "Booms and Busts in the UK Housing Market," CEPR Discussion Papers 1615, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:
  8. repec:fth:prinin:343 is not listed on IDEAS
  9. Hendry, David F, 1997. "The Econometrics of Macroeconomic Forecasting," Economic Journal, Royal Economic Society, vol. 107(444), pages 1330-57, September. [Downloadable!] (restricted)
  10. A Carruth & M Hooker & A Oswald, 1994. "Unemployment," CEP Discussion Papers 0188, Centre for Economic Performance, LSE.
  11. R Jackman & S Savouri, 1992. "Regional Migration versus Regional Commuting: The Identification of Housing and Employment Flows," CEP Discussion Papers 057, Centre for Economic Performance, LSE.
  12. Cameron, Gavin & Muellbauer, John, 2000. "Earnings Biases in the United Kingdom Regional Accounts: Some Economic Policy and Research Implications," Economic Journal, Royal Economic Society, vol. 110(464), pages F412-29, June. [Downloadable!] (restricted)
  13. McCormick, Barry, 1997. "Regional unemployment and labour mobility in the UK," European Economic Review, Elsevier, vol. 41(3-5), pages 581-589, April. [Downloadable!] (restricted)
  14. Blanchard, Olivier & Katz, Lawrence F, 1997. "What We Know and Do Not Know about the Natural Rate of Unemployment," Journal of Economic Perspectives, American Economic Association, vol. 11(1), pages 51-72, Winter. [Downloadable!] (restricted)
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  15. Blanchflower, David G & Oswald, Andrew J, 1990. " The Wage Curve," Scandinavian Journal of Economics, Blackwell Publishing, vol. 92(2), pages 215-35.
    Other versions:
    • Blanchflower, D. & Oswald, A., 1989. "The Wage Curve," Papers 340, London School of Economics - Centre for Labour Economics.
    • David G. Blanchflower & Andrew J. Oswald, 1990. "The Wage Curve," NBER Working Papers 3181, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    • Andrew J. Oswald & David G. Blanchflower, 1995. "The Wage Curve," MIT Press Books, The MIT Press, edition 1, volume 1, number 026202375x, December.
  16. David Card, 1995. "The Wage Curve: A Review," Journal of Economic Literature, American Economic Association, vol. 33(2), pages 285-299, June. [Downloadable!] (restricted)
  17. Blanchflower, David G & Oswald, Andrew J, 1995. "An Introduction to the Wage Curve," Journal of Economic Perspectives, American Economic Association, vol. 9(3), pages 153-67, Summer. [Downloadable!] (restricted)
  18. Robert E. Hall, 1970. "Why Is the Unemployment Rate So High at Full Employment?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 1(1970-3), pages 369-410. [Downloadable!]
  19. Pasaran, M.H. & Im, K.S. & Shin, Y., 1995. "Testing for Unit Roots in Heterogeneous Panels," Cambridge Working Papers in Economics 9526, Faculty of Economics, University of Cambridge.
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  20. M Pesaran & Yongcheol Shin & Ron P Smith, 2004. "Pooled mean group estimation of dynamic heterogeneous panels," ESE Discussion Papers 16, Edinburgh School of Economics, University of Edinburgh. [Downloadable!]
Full references

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Gavin Cameron & John Muellbauer & Anthony Murphy, 2006. "Was There A British House Price Bubble? Evidence from a Regional Panel," Economics Series Working Papers 276, University of Oxford, Department of Economics. [Downloadable!]
    Other versions:
  2. Wouter Vermeulen & Jos van Ommeren, 2006. "Compensation of regional unemployment in housing markets," CPB Discussion Papers 57, CPB Netherlands Bureau for Economic Policy Analysis. [Downloadable!]
    Other versions:
  3. Gavin Cameron & John Muellbauer & Anthony Murphy, 2005. "Booms, Busts and Ripples in British Regional Housing Markets," Macroeconomics 0512003, EconWPA. [Downloadable!]
  4. Gavin Cameron & Kang Yong Tan & Prasanna Gai, 2006. "Sovereign Risk in the Classical Gold Standard Era," Economics Series Working Papers 258, University of Oxford, Department of Economics. [Downloadable!]
    Other versions:
  5. Nicolaas Groenewold & Alfred Hagger, 2007. "Regional Unemployment Disparities: An Evaluation of Policy Measures," Economics Discussion / Working Papers 07-05, The University of Western Australia, Department of Economics. [Downloadable!]
  6. Patacchini, Eleonora & Zenou, Yves, 2003. "Search Intensity, Cost of Living and Local Labour Markets in Britain," CEPR Discussion Papers 3722, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:
  7. Nicolaas Groenewold & A. J. Hagger, 2003. "Regional Unemployment Disparities: Can Fiscal Policy Help?," Economics Discussion / Working Papers 03-20, The University of Western Australia, Department of Economics. [Downloadable!]
  8. Wouter Vermeulen & Jos Van Ommeren, 2005. "Are workers compensated by cheaper housing in regions where unemployment is high? Theory and evidence from a housing demand survey," ERSA conference papers ersa05p204, European Regional Science Association. [Downloadable!]
  9. Patacchini, Eleonora & Zenou, Yves, 2003. "Search Activities, Cost of Living and Local Labor Markets," Working Paper Series 607, Research Institute of Industrial Economics. [Downloadable!]
    Other versions:
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