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

Author

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  • Renato Faccini

    (Bank of England)

  • Christopher Hackworth

    (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

  • Renato Faccini & Christopher Hackworth, 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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    Cited by:

    1. 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.
    2. Nicholas Oulton, 2013. "Medium and Long Run Prospects for UK Growth in the Aftermath of the Financial Crisis," CEP Occasional Papers 37, Centre for Economic Performance, LSE.
    3. Kevin J. Fox & Nicholas Oulton & María Sebastiá-Barriel, 2017. "Effects of Financial Crises on Productivity, Capital and Employment," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 63, pages 90-112, February.
    4. James Bishop & Linus Gustafsson & Michael Plumb, 2016. "Jobs or Hours? Cyclical Labour Market Adjustment in Australia," RBA Research Discussion Papers rdp2016-06, Reserve Bank of Australia.
    5. Srdan Tatomir, 2015. "Self-employment: what can we learn from recent developments?," Bank of England Quarterly Bulletin, Bank of England, vol. 55(1), pages 56-66.
    6. James Bishop & Michael Plumb, 2016. "Cyclical Labour Market Adjustment in Australia," RBA Bulletin (Print copy discontinued), Reserve Bank of Australia, pages 11-20, March.
    7. Stephen Burgess & Emilio Fernandez-Corugedo & Charlotta Groth & Richard Harrison & Francesca Monti & Konstantinos Theodoridis & Matt Waldron, 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.
    8. Abigail Hughes & Jumana Saleheen, 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.

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