The United Kingdom NAIRU: Concepts, Measurement and Policy Implications
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...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
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Paris
OECD Publishing
1997
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| Schriftenreihe: | OECD Economics Department Working Papers
no.182 |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | 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 ... |
| Beschreibung: | 1 Online-Ressource (43 p.) 21 x 29.7cm. |
| DOI: | 10.1787/773488462034 |
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| spelling | Melliss, Chris VerfasserIn aut The United Kingdom NAIRU Concepts, Measurement and Policy Implications Chris, Melliss and A. E., Webb Paris OECD Publishing 1997 1 Online-Ressource (43 p.) 21 x 29.7cm. Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier OECD Economics Department Working Papers no.182 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 ... Economics United Kingdom Webb, A. E... MitwirkendeR ctb FWS01 ZDB-13-SOC FWS_PDA_SOC https://doi.org/10.1787/773488462034 Volltext |
| spellingShingle | Melliss, Chris The United Kingdom NAIRU Concepts, Measurement and Policy Implications Economics United Kingdom |
| title | The United Kingdom NAIRU Concepts, Measurement and Policy Implications |
| title_auth | The United Kingdom NAIRU Concepts, Measurement and Policy Implications |
| title_exact_search | The United Kingdom NAIRU Concepts, Measurement and Policy Implications |
| title_full | The United Kingdom NAIRU Concepts, Measurement and Policy Implications Chris, Melliss and A. E., Webb |
| title_fullStr | The United Kingdom NAIRU Concepts, Measurement and Policy Implications Chris, Melliss and A. E., Webb |
| title_full_unstemmed | The United Kingdom NAIRU Concepts, Measurement and Policy Implications Chris, Melliss and A. E., Webb |
| title_short | The United Kingdom NAIRU |
| title_sort | united kingdom nairu concepts measurement and policy implications |
| title_sub | Concepts, Measurement and Policy Implications |
| topic | Economics United Kingdom |
| topic_facet | Economics United Kingdom |
| url | https://doi.org/10.1787/773488462034 |
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