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Wage Inflexibility in Britain

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  • Carruth, Alan
  • Oswald, Andrew

Abstract

This paper studies wage inflexibility in Britain. It examines various kinds of microeconomic data on move ments in real pay and uses aggregate data to estimate real consumptio n earnings and real product wage rate equations. The paper's first ma in point is that the unemployment elasticity of real wages is small ( a little under A 0.1), and that it rises or falls with the unemployme nt rate, depending on the wage series to be explained. The second is that profits enter positively and significantly into real wage and ea rnings equations (with an elasticity of approximately 0.05). Copyright 1987 by Blackwell Publishing Ltd

Suggested Citation

  • Carruth, Alan & Oswald, Andrew, 1987. "Wage Inflexibility in Britain," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 49(1), pages 59-78, February.
  • Handle: RePEc:bla:obuest:v:49:y:1987:i:1:p:59-78
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    Cited by:

    1. Robert Anderton & Ray Barrell, 1995. "The ERM and structural change in European labour markets: A study of 10 countries," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 131(1), pages 47-66, March.
    2. Blanchflower, David G & Oswald, Andrew J & Garrett, Mario D, 1990. "Insider Power in Wage Determination," Economica, London School of Economics and Political Science, vol. 57(226), pages 143-170, May.
    3. Kees Folmer, 2009. "Why do macro wage elasticities diverge?," CPB Memorandum 224, CPB Netherlands Bureau for Economic Policy Analysis.
    4. Geeta Gandhi Kingdon & John Knight, 2006. "How Flexible are Wages in Response to Local Unemployment in South Africa?," ILR Review, Cornell University, ILR School, vol. 59(3), pages 471-495, April.

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