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The British Labour Market in Different Economic Eras, 1857-1938

Hatton, T (1984) The British Labour Market in Different Economic Eras, 1857-1938. UNSPECIFIED. CEPR Discussion Papers.

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In this paper a simple model of aggregate supply and demand for labour is developed which includes a 'surprise' supply function and imposes labour market clearing. This model is estimated on British data for 1857 to 1938, an important period for the original Phillips curve estimates. For 1857-1913, the model specified in the nominal wage fits well and structural breaks are rejected but wage change outperforms wage surprise, supporting the traditional Phillps curve type view. The period 1921-38 is found to produce different results yielding a structural break from 1857-1913 in both supply and demand equations. These shifts cannot be accounted for by the introduction of national insurance though it had some effect on the labour demand curve.

Item Type: Monograph (UNSPECIFIED)
Uncontrolled Keywords: Demand for Labour; Phillips Curve; Supply of Labour
Subjects: H Social Sciences > HB Economic Theory
Divisions: Faculty of Social Sciences > Economics, Department of
Depositing User: Jim Jamieson
Date Deposited: 19 Jul 2012 13:04
Last Modified: 17 Aug 2017 18:09

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