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Inflation and the UK Labour Market

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  • Nickell, Stephen

Abstract

This paper explores the reasons why inflation is, and has been for four decades, endemic in Britain. We argue that there is a fundamental supply-side constraint in the economy which takes deficit and increases in inflation. The mix of monetary and fiscal policy, along with private sector demand shocks, determines which combination of these three outcomes then occurs. In Britain, the fundamental constraint has shifted adversely over the last two decades and we enumerate some of the factors underlying this shift. As a consequence, policy makers have been confronted with ever more difficult choices and this has resulted in a persistent problem of high unemployment and relatively high inflation. Copyright 1990 by Oxford University Press.

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Bibliographic Info

Article provided by Oxford University Press in its journal Oxford Review of Economic Policy.

Volume (Year): 6 (1990)
Issue (Month): 4 (Winter)
Pages: 26-35

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Handle: RePEc:oup:oxford:v:6:y:1990:i:4:p:26-35

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Web page: http://oxrep.oupjournals.org/

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Cited by:
  1. David F. Hendry, 2001. "Modelling UK inflation, 1875-1991," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 16(3), pages 255-275.
  2. Jennifer Castle & David Hendry, 2008. "The Long-Run Determinants of UK Wages, 1860-2004," Economics Series Working Papers 409, University of Oxford, Department of Economics.
  3. Hume, Michael & Sentance, Andrew, 2009. "The global credit boom: challenges for macroeconomics and policy," Discussion Papers 27, Monetary Policy Committee Unit, Bank of England.
  4. Kenny, Geoff & McGettigan, Donal, 1996. "Non-Traded, Traded and Aggregate Inflation In Ireland (Part 2)," Research Technical Papers 3B/RT/96, Central Bank of Ireland.
  5. Philip Arestis & Malcolm Sawyer, 1998. "Reassuring the Role of Keynesian Policies for the New Millenium," Macroeconomics 9801004, EconWPA.

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