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Wage Equations, Wage Curves and All That

  • B Bell
  • Stephen Nickell
  • Glenda Quintini

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://cep.lse.ac.uk/pubs/download/DP0472.pdf
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Paper provided by Centre for Economic Performance, LSE in its series CEP Discussion Papers with number dp0472.

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Date of creation: Sep 2000
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Handle: RePEc:cep:cepdps:dp0472
Contact details of provider: Web page: http://cep.lse.ac.uk/_new/publications/series.asp?prog=CEP

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  1. Olivier Blanchard & Lawrence F. Katz, 1997. "What We Know and Do Not Know about the Natural Rate of Unemployment," Journal of Economic Perspectives, American Economic Association, vol. 11(1), pages 51-72, Winter.
  2. 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.
  3. Stephen Nickell & Luca Nunziata, 2000. "Employment Patterns in OECD Countries," CEP Discussion Papers dp0448, Centre for Economic Performance, LSE.
  4. Nickell, Stephen J, 1981. "Biases in Dynamic Models with Fixed Effects," Econometrica, Econometric Society, vol. 49(6), pages 1417-26, November.
  5. 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..
  6. 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.
  7. Olivier Jean Blanchard & Lawrence Katz, 1999. "Wage Dynamics: Reconciling Theory and Evidence," NBER Working Papers 6924, National Bureau of Economic Research, Inc.
  8. Richard Jackman & S Savouri, 1991. "Regional Wage Determination in Great Britain," CEP Discussion Papers dp0047, Centre for Economic Performance, LSE.
  9. Layard, Richard & Nickell, Stephen & Jackman, Richard, 2005. "Unemployment: Macroeconomic Performance and the Labour Market," OUP Catalogue, Oxford University Press, number 9780199279173, March.
  10. 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.
  11. 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.
  12. Moulton, Brent R., 1986. "Random group effects and the precision of regression estimates," Journal of Econometrics, Elsevier, vol. 32(3), pages 385-397, August.
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