English, Article, Journal or magazine article edition: The United Kingdom NAIRU: Concepts, Measurement and Policy Implications Chris Melliss; A. E. Webb

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Bookmark: http://trove.nla.gov.au/version/136540
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • The United Kingdom NAIRU: Concepts, Measurement and Policy Implications
Author
  • Chris Melliss
  • A. E. Webb
Physical Description
  • preprint
Notes
  • The behaviour of unemployment in the UK is of particular interest in the light of the far reaching programme of reforms introduced since 1980. The paper first outlines the main theoretical ideas behind the concept of equilibrium unemployment, drawing a distinction between the factors which may cause transitory, albeit long lived, departures from the short run NAIRU, and those which influence the long run NAIRU. Both are unobservable. The last decade and a half has seen substantial changes to the institutional structure of the UK labour market, such as the decline in the strength of trade unions, and the introduction of government policies to increase labour market flexibility. The impact of these on the NAIRU is assessed. Estimates of the NAIRU are discussed. The general picture is that, whether a reduced form fundamental supply equation or structural approach is adopted, the UK’s NAIRU reached a peak in the mid 1980s and has subsequently fallen, more in the case of the long run ... L’analyse des déterminants et de l’évolution du chômage au Royaume-Uni est particulièrement intéressante du fait de la mise en oeuvre depuis 1980 d’un vaste programme de réformes. Cet article insiste tout d’abord sur les principales idées théoriques sous-jacentes au concept de chômage d’équilibre, en établissant une distinction entre les facteurs qui peuvent provoquer de façon transitoire, mais durable, une variation du NAIRU de court terme, et ceux qui influencent le NAIRU de long terme. Ces deux concepts sont inobservables. Au cours des 25 dernières années, d’importants changements de la structure institutionnelle du marché du travail britannique ont été enregistrés comme la baisse d’influence des syndicats de travailleurs et la mise en place des politiques gouvernementales d’accroissement de la flexibilité du marché du travail. L’impact de ces changements sur le NAIRU est analysé. Des estimations du NAIRU sont évaluées. L’image générale qui se dégage, que l’on utilise une ...
  • RePEc:oec:ecoaaa:182-en
Language
  • English
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