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"Inflation dynamics and the labour share in the UK"

Abstract:

In recent years UK real wages have been growing faster than labour factor productivity, implying that the labour share has been rising. This paper looks at various definitions of the labour share and derives a measure for the UK, which appears positively correlated with the growth rate of the UK gross value added price deflator. Following Layard, Nickell and Jackman (1991), we investigate the relationship between inflation and the share more formally by estimating a pricing equation or “ne...

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Publication status:
Published
Peer review status:
Not peer reviewed

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Institution:
International Monetary Fund
Role:
Author
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Institution:
Bank of England
Department:
MPC Unit
Role:
Author
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Institution:
University of Oxford
Oxford college:
Nuffield College
Department:
Social Sciences Division - Economics
Role:
Author
Series:
External MPC Unit Discussion Paper
Publication date:
2000-01-01
ISSN:
1748-6203
URN:
uuid:2d91e0d3-47f9-4154-9f9d-aee37ce92408
Local pid:
ora:7937

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