Journal article
The long-run determinants of UK wages, 1860–2004
- Abstract:
- As it is almost 50 years since the Phillips curve, we analyze an historical series on UK wages and their determinants [see Phillips, A.W.H., 1958. The relation between unemployment and the rate of change of money wage rates in the United Kingdom, 1861–1957. Economica, 25, 283–299]. Huge changes have occurred over this long-run, so congruence is hard to establish: real wages have risen more than 6 fold, and nominal 500 times; laws, technology, wealth distribution, and social structure are unrecognizably different from 1860. We investigate: wage rates and weekly earnings; real versus nominal wages; breaks over 1860–2004; non-linearities, including Phillips’ non-linear response to unemployment; ‘trade union power’ and unemployment benefits; and measures of excess demand, where workers react more to inflation when it rises.
- Publication status:
- Published
- Peer review status:
- Peer reviewed
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- Files:
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(Preview, Accepted manuscript, pdf, 242.5KB, Terms of use)
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- Publisher copy:
- 10.1016/j.jmacro.2007.08.018
Authors
- Publisher:
- Elsevier
- Journal:
- Journal of Macroeconomics More from this journal
- Volume:
- 31
- Issue:
- 1
- Pages:
- 5-28
- Publication date:
- 2009-03-01
- Acceptance date:
- 2007-08-21
- DOI:
- ISSN:
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0164-0704
- Keywords:
- Pubs id:
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pubs:293936
- UUID:
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uuid:4b8f0161-5fbb-4ec0-b376-40e533fc2771
- Local pid:
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pubs:293936
- Source identifiers:
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293936
- Deposit date:
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2016-12-16
Terms of use
- Copyright holder:
- Elsevier
- Copyright date:
- 2009
- Notes:
- © 2007 Elsevier Inc. This is the accepted manuscript version of the article. The final version is available online from Elsevier at:10.1016/j.jmacro.2007.08.018
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