A Re-evaluation of the Relation between Wages and Unemployment in the United Kingdom
This paper examines the long-run or equilibrium relationship between wages, prices and the unemployment rate in the United Kingdom, using annual data covering the period 1860-1999. Using Johansen's maximum likelihood method of testing for cointegration, two long-run relations are found in a small system of four variables. The first relation depicts the co-movement of the level of real wages adjusted for productivity, together with the unemployment rate and the rate of inflation. The second relation shows the co-movement between the rate of inflation and deviations of productivity from its trend growth. Copyright 2001 by The London School of Economics and Political Science
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Volume (Year): 68 (2001)
Issue (Month): 272 (November)
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