The Long-Run Determinants of UK Wages, 1860-2004.
As it is almost 50 years since Phillips (1958), we analyze an historical series on UK wages and their determinants. 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,...
| Asıl Yazarlar: | , |
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| Materyal Türü: | Journal article |
| Dil: | English |
| Baskı/Yayın Bilgisi: |
Elsevier
2009
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| _version_ | 1826263628851970048 |
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| author | Castle, J Hendry, D |
| author_facet | Castle, J Hendry, D |
| author_sort | Castle, J |
| collection | OXFORD |
| description | As it is almost 50 years since Phillips (1958), we analyze an historical series on UK wages and their determinants. 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. |
| first_indexed | 2024-03-06T19:54:49Z |
| format | Journal article |
| id | oxford-uuid:2533a80f-e4eb-4d7c-a9c1-b7162f954237 |
| institution | University of Oxford |
| language | English |
| last_indexed | 2024-03-06T19:54:49Z |
| publishDate | 2009 |
| publisher | Elsevier |
| record_format | dspace |
| spelling | oxford-uuid:2533a80f-e4eb-4d7c-a9c1-b7162f9542372022-03-26T11:54:25ZThe Long-Run Determinants of UK Wages, 1860-2004.Journal articlehttp://purl.org/coar/resource_type/c_dcae04bcuuid:2533a80f-e4eb-4d7c-a9c1-b7162f954237EnglishDepartment of Economics - ePrintsElsevier2009Castle, JHendry, DAs it is almost 50 years since Phillips (1958), we analyze an historical series on UK wages and their determinants. 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. |
| spellingShingle | Castle, J Hendry, D The Long-Run Determinants of UK Wages, 1860-2004. |
| title | The Long-Run Determinants of UK Wages, 1860-2004. |
| title_full | The Long-Run Determinants of UK Wages, 1860-2004. |
| title_fullStr | The Long-Run Determinants of UK Wages, 1860-2004. |
| title_full_unstemmed | The Long-Run Determinants of UK Wages, 1860-2004. |
| title_short | The Long-Run Determinants of UK Wages, 1860-2004. |
| title_sort | long run determinants of uk wages 1860 2004 |
| work_keys_str_mv | AT castlej thelongrundeterminantsofukwages18602004 AT hendryd thelongrundeterminantsofukwages18602004 AT castlej longrundeterminantsofukwages18602004 AT hendryd longrundeterminantsofukwages18602004 |