Capital shortages and asymmetries in UK unemployment

Structural Change and Economic Dynamics

Volumn 9, Issue 2, 1998, Pages 189-204

  Arestis, Philip ^a   Biefang Frisancho Mariscal, Iris ^a  

^a UNIVERSITY OF EAST LONDON   (United Kingdom)

Author keywords

Capital shortages; Cointegration; Nairu; UK; Unemployment; Wages

Indexed keywords

CAPITAL SHORTAGE; COINTEGRATION ANALYSIS; UNEMPLOYMENT; WAGE DETERMINATION;

UK;

EID: 0031876528     PISSN: 0954349X     EISSN: None     Source Type: Journal    
DOI: 10.1016/S0954-349X(97)00025-8     Document Type: Article

References (45)

1. Acemoglu, D., Scott, A., 1994. Asymmetries in the cyclical behaviour of UK labour markets. The Economic Journal, 1303-1323.
2. Arestis, P., Skott, P., 1993. Conflict, wage relativities and hysteresis in UK wage determination. Journal of Post Keynesian Economics. 365-386.
3. Arestis, P., Biefang-Frisancho Mariscal, I., 1994. Wage determination in the UK: Further empirical results using cointegration. Applied Economics, 417-427.
4. Arestis, P., Biefang-Frisancho Mariscal, I., 1998a. Conflict elements in UK wage determination: Keynesian, Post-Keynesian and New Keynesian theoretical and empirical considerations. In: Rotheim, R. (Ed.), New Keynesian Economics and Post Keynesian Alternatives. Routledge, London.
5. Arestis, P., Biefang-Frisancho Mariscal, I., 1998b. Conflict, effort and capital stock in UK wage determination, Empirica, in press.
6. Bean, C., 1989. Capital shortage and persistent unemployment. Economic Policy. 12-53.
7. Benoit-Guilbot, O., 1994. Why are there so many unemployed in the EU? In: Benoit-Guilbot, O., Gallie, D. (Eds.), Long-term Unemployment. Pinter Publishers, London.
8. Blanchard, O.J., 1988. Comment on Nickell: The supply side and macroeconomic modelling. In: Bryant, R.C. et al. (Eds.), Empirical Economic for Independent Economies. Brookings Institution, Washington.
9. Blanchard, O.J., Summers, L.H., 1986. Hysteresis and the European unemployment problem. In: Fischer, S. (Ed.), NBER Macroeconomics Annual 1986. MIT Press, Cambridge, MA.
10. Bowies, S., Boyer, R., 1990. A wage-led employment regime: Income distribution, labour discipline and aggregate demand in welfare capitalism. In: Marglin, S., Schor, J. (Eds.), The Golden Age of Capitalism. Clarendon Press, Oxford.
11. Charemza, W.W., Deadman, D.F., 1992. New Directions in Econometric Practice. Edward Elgar, Aldershot.
12. Cromb, R., 1993. A survey of recent econometric work on the NAIRU. Journal of Economic Studies, 27-51.
13. Engle, R.F., Granger, C.W.J., 1987. Cointegration and error correction: Representation, estimation and testing. Econometrica, 251-276.
14. Elmeskov, J., 1993. High and persistent unemployment: Assessment of the problem and its causes. Economics Department Working Paper No. 132. OECD, Paris.
15. Granger, C.W.J., Lee, T.H., 1989. Investigation of production, sales and inventory relationships using multicointegration and non-symmetric error correction models. Journal of Applied Econometrics, 145-159.
16. Granger, C.W.J., Swanson, N., 1996. Future developments in the study of cointegrated variables. Oxford Bulletin of Economics and Statistics, 537-553.
17. Hall, S.G., Henry, S.G.B., 1987, Wage models. National Institute Economic Review, 70-75.
18. Hicks, J., 1975. The Crisis in Keynesian Economics. Basil Blackwell, Oxford.
19. Holzer, H.J., Montgomery, E.B., 1993. Asymmetries and rigidities in wage adjustments by firms. Review of Economics and Statistics, 397-408.
20. Johansen, S., 1988. Statistical analysis of cointegration vectors. Journal of Economic Dynamics and Control, 231-254.
21. Johansen, S., 1992, Identifying restrictions of linear equations, mimeo, Institute of Mathematical Statistics, University of Copenhagen.
22. Keynes, J.M., 1936. The General Theory of Employment, Interest and Money. Macmillan, London.
23. van de Klundert, T.C.M.J., van de Schaik, A.B.T.M., 1990. Unemployment persistence and loss of productive capital: A Keynesian approach. Journal of Macroeconomics, 363-380.
24. Layard, R., Nickell, S. Jackman, R., 1991. Unemployment. Oxford University Press, Oxford.
25. Layard, R., Nickell, S., 1986. Unemployment in Britain. Economica, S121-S169.
26. Lindbeck, A., 1993. Unemployment and Macroeconomics. MIT Press, Cambridge, MA.
27. Lindbeck, A., Snower, D.J., 1986. Wage setting, unemployment and insider-outsider relations. American Economic Review, 235-239.
28. Lüthkepohl, H., 1991. Introduction to Multiple Time Series Analysis. Springer-Verlag, Berlin.
29. Malinvaud, E., 1986. The rise of unemployment in France. Economica, S197-S217.
30. Manning, A., 1992. Productivity growth, wage setting and the equilibrium rate of unemployment. Discussion Paper No. 63, Centre for Economic Performance, London School of Economics, London.
31. National Institute, 1995. National Institute Model 12.
32. Nickell, S., 1987. Why is wage inflation in Britain so high? Oxford Bulletin of Economics and Statistics, 103-129.
33. OECD, 1991. Employment Outlook. OECD, Paris.
34. OECD, 1994. The OECD Jobs Study, Part 1. OECD, Paris.
35. Paldam, 1989. A wage structure theory of inflation, industrial conflicts and trade unions, Scandinavian Journal of Economics, 63-81.
36. Pesaran, M.H., Shin, Y., 1994. Identification of and testing for cointegrating relations with general non-homogeneous restrictions, mimeo, Department of Applied Economics.
37. Phillips, P.C.B., 1991. Optimal inference in cointegrated systems. Econometrica 59, 283-306.
38. Portugal, P., Addison, T. 1995. Short- and Long-term Unemployment: a Parametric Model with Time-Varying Effects, Oxford Bulletin of Economics and Statistics, pp. 205-227.
39. Purdy, D.L., Zis, G., 1974. Trade unions and wage inflation in the UK: A reappraisal. In: Laidler, D. Purdy, L.D. (Eds.), Inflation and Labour Markets. Manchester University Press, Manchester.
40. Rowthorn, R.E., 1977, Conflict, inflation and money. Cambridge Journal of Economics, 215-239.
41. Rowthorn, R.E., 1995. Capital formation and unemployment. Oxford Review of Economic Policy, 26-39.
42. Shapiro, C., Stiglitz, E., 1984. Equilibrium unemployment as a worker discipline device. American Economic Review, 433-444.
43. Sneessens, H.R., Dreze, J.H., 1986. A discussion of Belgian unemployment, combining traditional concepts and disequilibrium econometrics. Economica, S89-S119.
44. Summers, L., 1990, Understanding Unemployment. MIT Press, Cambridge, MA.
45. Wren-Lewis, S., 1992. Nominal inertia and Keynesian effects. NIESR Discussion Paper No. 174.