Advanced Search
MyIDEAS: Login

Multiple Equilibria in the British Labour Market: Some Empirical Evidence

Contents:

Author Info

  • Manning, Alan

Abstract

This paper constructs a simple, imperfectly competitive macro model which may have single or multiple equilibria depending on whether there are constant or increasing returns to scale in production. The model can be estimated and so can be used not only to test multiple versus single equilibrium models, but also to test whether multiple equilibrium models are capable of explaining the observed behaviour of unemployment. The model is estimated for the British economy for the period 1951-87. Some evidence for multiple equilibria is found and using such a model suggests that the rise in unemployment in Britain in the 1980s is best understood as a move from a low- to a high-equilibrium unemployment rate. Although the multiple equilibrium model does perform better than a single equilibrium model, however, the difference is not very significant so that there must remain considerable uncertainty about this issue.

Download Info

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
File URL: http://www.cepr.org/pubs/dps/DP540.asp
Download Restriction: CEPR Discussion Papers are free to download for our researchers, subscribers and members. If you fall into one of these categories but have trouble downloading our papers, please contact us at subscribers@cepr.org

As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.

Bibliographic Info

Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 540.

as in new window
Length:
Date of creation: Apr 1991
Date of revision:
Handle: RePEc:cpr:ceprdp:540

Contact details of provider:
Postal: Centre for Economic Policy Research, 77 Bastwick Street, London EC1V 3PZ.
Phone: 44 - 20 - 7183 8801
Fax: 44 - 20 - 7183 8820

Order Information:
Email:

Related research

Keywords: Imperfect Competition; Multiple Equilibria; Unemployment;

Other versions of this item:

References

No references listed on IDEAS
You can help add them by filling out this form.

Citations

Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
as in new window

Cited by:
  1. Raurich, Xavier & Sala, Hector & Sorolla, Valeri, 2004. "Unemployment, Growth and Fiscal Policy: New Insights on the Hysteresis Hypothesis," IZA Discussion Papers 1127, Institute for the Study of Labor (IZA).
  2. Joerg Lingens & Joerg Heining, 2006. "Social Interaction in Regional Labour Markets," ERSA conference papers ersa06p43, European Regional Science Association.
  3. Mercenier, J. & Akitoby, B., 1994. "On Intertemporal General-Equilibrium Reallocation Effects of Europe's Move to a Single Market," Cahiers de recherche 9401, Universite de Montreal, Departement de sciences economiques.
  4. Holmlund, B., 1997. "Unemployment Insurance in Theory and Practice," CEPR Discussion Papers 380, Centre for Economic Policy Research, Research School of Economics, Australian National University.
  5. Campbell leith & Chol-Won Li, 2001. "Unemployment and the Productivity Slowdown: A Labour Supply Perspective," Working Papers 2001_13, Business School - Economics, University of Glasgow.
  6. Kolm, Ann-Sofie, 2005. "Work norms and unemployment," Economics Letters, Elsevier, vol. 88(3), pages 426-431, September.
  7. Ioannis Kaskarelis, 1997. "Aggregate returns to scale in Greek manufacturing," Applied Economics, Taylor & Francis Journals, vol. 29(12), pages 1673-1678.
  8. Kåre Johansen, . "Hysteresis in Unemployment: Evidence from Norwegian Counties," Working Paper Series 0602, Department of Economics, Norwegian University of Science and Technology, revised 20 Aug 2002.
  9. Sujit Kapadia, 2005. "Optimal Monetary Policy under Hysteresis," Economics Series Working Papers 250, University of Oxford, Department of Economics.

Lists

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

Statistics

Access and download statistics

Corrections

When requesting a correction, please mention this item's handle: RePEc:cpr:ceprdp:540. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: ().

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.