English, Article, Journal or magazine article edition: The Long-Run Determinants of UK Wages, 1860-2004 Jennifer L. Castle; David F. Hendry

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Bookmark: http://trove.nla.gov.au/version/21135
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • The Long-Run Determinants of UK Wages, 1860-2004
Author
  • Jennifer L. Castle
  • David F. Hendry
Physical Description
  • preprint
Notes
  • 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.
  • Phillips Curve, Real Wage Inflation, Model Selection
  • RePEc:oxf:wpaper:409
Language
  • English
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