The Aggregate Labour Market: An Empirical Investigation into Market-Clearing for the UK
A two-equation model of the aggregate labor market is presented as part of a larger market- clearing macroeconomic framework, which is then estimated by a suitable subsystem estimator using annual data for the U.K., 1948- 1979. Taken on their own theory-consistent estimates of both labor supply and labor demand are obtained. The maintained hypothesis that the market clears cannot be tested againsta more general structural model within the framework presented; however, a test of the model against the data generation process suggests that the maintained hypothesis is untenable after 1966, which is confirmed by evidence of dynamic instability. Copyright 1987 by Royal Economic Society.
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Volume (Year): 97 (1987)
Issue (Month): 385 (March)
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