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A Re-evaluation of the Relation between Wages and Unemployment in the United Kingdom

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  • Shadman-Mehta, Fatemeh

Abstract

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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  • Shadman-Mehta, Fatemeh, 2001. "A Re-evaluation of the Relation between Wages and Unemployment in the United Kingdom," Economica, London School of Economics and Political Science, vol. 68(272), pages 567-585, November.
  • Handle: RePEc:bla:econom:v:68:y:2001:i:272:p:567-85
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    Cited by:

    1. Fumitaka Furuoka & Chong Mun Ho, 2009. "Phillips curves and openness: New evidence from selected Asian economies," Economics Bulletin, AccessEcon, vol. 29(1), pages 253-264.
    2. Max Gillman & Michal Kejak, 2007. " Inflation, Financial Development and Human Capital-Based Endogenous Growth: an Explanation of Ten Empirical Findings," CDMA Conference Paper Series 0703, Centre for Dynamic Macroeconomic Analysis.
    3. Heer, Burkhard & Mau├čner, Alfred, 2015. "The Cash-In-Advance Constraint In Monetary Growth Models With Labor Market Search," Macroeconomic Dynamics, Cambridge University Press, vol. 19(01), pages 144-166, January.
    4. Max Gillman & Michal Kejak, 2011. "Inflation, Investment and Growth: a Money and Banking Approach," Economica, London School of Economics and Political Science, vol. 78(310), pages 260-282, April.

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