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Wage equations, wage curves and all that

  • Bell, Brian
  • Nickell, Stephen
  • Quintini, Glenda

This paper is concerned with the relationship between wages and unemployment. Using UK regions and individuals as the basis for our analysis, the following questions are investigated. First, is the wage equation a relationship between unemployment and wages or wage changes? Second, can we identify the relationship completely by looking at regional wages and regional unemployment or do regional wages depend on aggregate unemployment as well? Third, are wages influenced only by the current state of the labour market or do contracts lead to wages depending on labour market conditions in the last boom or upon entry into the job? Finally is the wage-unemployment relationship influenced by inflation, competition or the housing market?

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File URL: http://www.sciencedirect.com/science/article/B6VFD-45N855G-2/2/066a5b80e984b2d6d4ad1b10a07b7070
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Article provided by Elsevier in its journal Labour Economics.

Volume (Year): 9 (2002)
Issue (Month): 3 (July)
Pages: 341-360

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Handle: RePEc:eee:labeco:v:9:y:2002:i:3:p:341-360
Contact details of provider: Web page: http://www.elsevier.com/locate/labeco

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  1. Layard, Richard & Nickell, Stephen & Jackman, Richard, 1991. "Unemployment: Macroeconomic Performance and the Labour Market," OUP Catalogue, Oxford University Press, number 9780198284345, March.
  2. Baker, George & Gibbs, Michael & Holmstrom, Bengt, 1994. "The Internal Economics of the Firm: Evidence from Personnel Data," The Quarterly Journal of Economics, MIT Press, vol. 109(4), pages 881-919, November.
  3. Marek Dabrowski & Stanislaw Gomulka & Jacek Rostowski, 2000. "Whence reform? A critique of the Stiglitz perspective," LSE Research Online Documents on Economics 20167, London School of Economics and Political Science, LSE Library.
  4. Richard Jackman & S Savouri, 1991. "Regional Wage Determination in Great Britain," CEP Discussion Papers dp0047, Centre for Economic Performance, LSE.
  5. Baker, George & Gibbs, Michael & Holmstrom, Bengt, 1994. "The Wage Policy of a Firm," The Quarterly Journal of Economics, MIT Press, vol. 109(4), pages 921-55, November.
  6. Moulton, Brent R., 1986. "Random group effects and the precision of regression estimates," Journal of Econometrics, Elsevier, vol. 32(3), pages 385-397, August.
  7. Stephen Nickell & Luca Nunziata, 2000. "Employment Patterns in OECD Countries," CEP Discussion Papers dp0448, Centre for Economic Performance, LSE.
  8. Olivier Blanchard & Lawrence F. Katz, 1996. "What We Know and Do Not Know About the Natural Rate of Unemployment," NBER Working Papers 5822, National Bureau of Economic Research, Inc.
  9. Lawrence F. Katz & Olivier Blanchard, 1999. "Wage Dynamics: Reconciling Theory and Evidence," American Economic Review, American Economic Association, vol. 89(2), pages 69-74, May.
  10. Nickell, Stephen J, 1981. "Biases in Dynamic Models with Fixed Effects," Econometrica, Econometric Society, vol. 49(6), pages 1417-26, November.
  11. Marianne Bertrand, 1998. "From the Invisible Handshake to the Invisible Hand? How Import Competition Changes the Employment Relationship," Working Papers 789, Princeton University, Department of Economics, Industrial Relations Section..
  12. Harris, John R & Todaro, Michael P, 1970. "Migration, Unemployment & Development: A Two-Sector Analysis," American Economic Review, American Economic Association, vol. 60(1), pages 126-42, March.
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