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Labour market and monetary policy reforms in the UK: a structural interpretation of the implications

Abstract:

This paper estimates a New Keynesian model to investigate to what extent labour market reforms undertaken by the Thatcher government in the late 1930s and the introduction of a constant inflation target in 1992 might have changed the UK economic outlook if they had been introduced in the early 1970s. The results suggest that a stronger reaction to deviations of inflation from target have contributed to a more stable economic outlook, while labour market reforms and the introduction of a cons...

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Publication status:
Published

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Publisher:
University of Oxford
Series:
Department of Economics Discussion Paper Series
Publication date:
2014-04-30
Paper number:
702
Keywords:
Pubs id:
1143707
Local pid:
pubs:1143707
Deposit date:
2020-12-15

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