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Changes in output, employment and wages during recessions in the United Kingdom

Author

Listed:
  • Faccini, Renato

    () (Bank of England)

  • Hackworth, Christopher

    () (Bank of England)

Abstract

Employment has fallen during this recession but by much less than the fall in output. This article examines how the behaviour of the labour market compares with previous recessions. A number of factors, including greater flexibility in real wages, may have helped to mitigate the fall in employment to date. But there is considerable uncertainty about how the labour market will evolve.

Suggested Citation

  • Faccini, Renato & Hackworth, Christopher, 2010. "Changes in output, employment and wages during recessions in the United Kingdom," Bank of England Quarterly Bulletin, Bank of England, vol. 50(1), pages 43-50.
  • Handle: RePEc:boe:qbullt:0015
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    File URL: https://www.bankofengland.co.uk/-/media/boe/files/quarterly-bulletin/2010/changes-in-output-employment-and-wages-during-recessions-in-the-uk.pdf?la=en&hash=1AE44913F8B32938EE0CA39E6B809EC78A34F687
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    References listed on IDEAS

    as
    1. Stefano Gnocchi & Evi Pappa, "undated". "Do labor market rigidities matter for business cycles? Yes they do," Working Papers 411, Barcelona Graduate School of Economics.
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    Cited by:

    1. Burgess, Stephen & Fernandez-Corugedo, Emilio & Groth, Charlotta & Harrison, Richard & Monti, Francesca & Theodoridis, Konstantinos & Waldron, Matt, 2013. "The Bank of England's forecasting platform: COMPASS, MAPS, EASE and the suite of models," Bank of England working papers 471, Bank of England.
    2. Nicholas Oulton & María Sebastiá-Barriel, 2013. "Long and Short-Term Effects of the Financial Crisis on Labour Productivity, Capital and Output," CEP Discussion Papers dp1185, Centre for Economic Performance, LSE.
    3. Oulton, Nicholas, 2013. "Medium and long run prospects for UK growth in the aftermathof the financial crisis," LSE Research Online Documents on Economics 58239, London School of Economics and Political Science, LSE Library.
    4. Hughes, Abigail & Saleheen, Jumana, 2012. "UK labour productivity since the onset of the crisis — an international and historical perspective," Bank of England Quarterly Bulletin, Bank of England, vol. 52(2), pages 138-146.
    5. Tatomir, Srdan, 2015. "Self-employment: what can we learn from recent developments?," Bank of England Quarterly Bulletin, Bank of England, vol. 55(1), pages 56-66.

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