Can productivity growth explain the NAIRU? Long-run evidence from Britain, 1871-1999

Economica

Volumn 74, Issue 295, 2007, Pages 475-491

  Hatton, Timothy J ^a,b  

^a UNIVERSITY OF ESSEX   (United Kingdom)

^b AUSTRALIAN NATIONAL UNIVERSITY   (Australia)

Author keywords

[No Author keywords available]

Indexed keywords

INFLATION; LABOR MARKET; PRODUCTIVITY; UNEMPLOYMENT; WAGE DETERMINATION;

EURASIA; EUROPE; UNITED KINGDOM; WESTERN EUROPE;

EID: 34447501986     PISSN: 00130427     EISSN: 14680335     Source Type: Journal    
DOI: 10.1111/j.1468-0335.2006.00548.x     Document Type: Article

References (39)

1. Abramovitz, M. (1986). Catching up, forging ahead and falling behind. Journal of Economic History, 46, 385-406.
2. Bain, G. S. and Price, R. (1980). Profiles of Union Growth. Oxford: Blackwell.
3. Ball, L. and Mankiw, N. G. (2002). The NAIRU in theory and practice. Journal of Economic Perspectives, 16, 115-36.
4. Ball, L., Mankiw, N. G. and Moffitt, R. (2002). Productivity growth and the Phillips Curve. In A. Krueger and R. Solow (eds.), The Roaring Nineties: Can Full Employment be Sustained? New York: Russell Sage Foundation.
5. Bell, B., Nickell, S. and Quintini, G. (2002). Wage equations, wage curves and all that. Labour Economics, 9, 341-60.
6. Benjamin, D. K. and Kochin, L. A. (1979). Searching for an explanation of unemployment in interwar Britain. Journal of Political Economy, 87, 441-78.
7. Bertola, G., Blau, F. D. and Kahn, L. (2002). Comparative analysis of employment outcomes: Lessons for the US from international labor market evidence. In A. Krueger and R. Solow (eds.), The Roaring Nineties: Can Full Employment be Sustained? New York: Russell Sage Foundation.
8. Bianchi, M. and Zoega, G. (1997). Challenges facing the natural rate theory. European Economic Review, 41, 535-47.
9. Blanchard, O. and Katz, L. F. (1997). What we know and do not know about the natural rate of unemployment. Journal of Economic Perspectives, 11, 51-72.
10. Blanchard, O., Katz, L. F. and Wolfers, J. (2000). The role of shocks and institutions in the rise of European unemployment: The aggregate evidence. Economic Journal, 110, C1-C33.
11. Blanchflower, D. G. and Oswald, A. J. (1994). The Wage Curve. Cambridge, Mass.: MIT Press.
12. Boyer, G. R. and Hatton, T. J. (2002). New estimates of British unemployment, 1870-1913. Journal of Economic History, 62, 643-75.
13. Broadberry, S. N. (1990). The emergence of mass unemployment: Explaining macroeconomic trends during the trans-World War I period. Economic History Review, 43, 272-82.
14. Broadberry, S. N. (1994). Why was unemployment in postwar Britain so low? Bulletin of Economic Research, 46, 241-61.
15. Broadberry, S. N. (1997). The Productivity Race: British Manufacturing in International Perspective, 1850-1990. Cambridge: Cambridge University Press.
16. Bruno, M. and Sachs, J. D. (1985). The Economics of Worldwide Stagflation. Oxford: Blackwell.
17. Crafts, N. F. R., Leybourne, S. J. and Mills, T. C. (1989). The climacteric in late Victorian Britain and France. Journal of Applied Econometrics, 4, 103-17.
18. Feinstein, C. H. (1972). National Income, Expenditure and Output of the United Kingdom, 1855-1965. Cambridge: Cambridge University Press.
19. Feinstein, C. H. (1995). Changes in nominal wages, the cost of living, and real wages in the United Kingdom over two centuries, 1780-1990. In P. Scholliers and V. Zamagni (eds.), Labour's Reward. Aldershot, Hants.: Edward Elgar.
20. Greasley, D. and Oxley, L. (1996). Discontinuities in competitiveness: the impact of the First World War on British industry. Economic History Review, 49, 82-100.
21. Grubb, D., Jackman, R. and Layard, R. (1983). Wage rigidity and unemployment in OECD countries. European Economic Review, 21, 11-39.
22. Hoon, H. T. and Phelps, E. S. (1997). Growth, wealth and the natural rate: Is Europe's jobs crisis a growth crisis? European Economic Review, 41, 548-57.
23. Layard, R., Nickell, S. J. and Jackman, R. (1991). Unemployment, Macroeconomic Performance and the Labour Market. Oxford: Oxford University Press.
24. Layard, R., Nickell, S. J. and Jackman, R. (1994). The Unemployment Crisis. Oxford: Oxford University Press.
25. Manning, A. (1992). Productivity Growth, Wage Setting and the Equilibrium Rate of Unemployment. CEP Discussion Paper no. 63, London School of Economics.
26. Manning, A. (1993). Wage bargaining and the Phillips Curve: The identification and specification of aggregate wage equations. Economic Journal, 103, 98-118.
27. Matthews, R. C. O., Feinstein, C. H. and Odling-Smee, J. C. (1982). British Economic Growth, 1856-1973. Oxford: Clarendon Press.
28. McCloskey, D. N. (1970). Did Victorian Britain fail? Economic History Review, 23, 446-59.
29. Metcalf, D., Nickell, S. J. and Floros, N. (1982). Still searching for an explanation of unemployment in interwar Britain. Journal of Political Economy, 90, 386-99.
30. Milner, S. (1995). The coverage of collective pay-setting institutions in Britain, 1895-1990. British Journal of Industrial Relations, 33, 69-91.
31. Nickell, S. J. (1997). Unemployment and labor market rigidities: Europe versus North America. Journal of Economic Perspectives, 11, 55-97.
32. Nickell, S. J. (1998). Unemployment: Questions and some answers. Economic Journal, 108, 802-16.
33. Nickell, S. J. (2001). Has UK labour market performance changed? Bank of England Quarterly Bulletin, 41, 340-50.
34. Phelps, E. S. and Zoega, G. (1998). Natural rate theory and OECD unemployment. Economic Journal, 108, 782-801.
35. Phelps, E. S. and Zoega, G. (2001). Structural booms: Productivity expectations and asset valuations. Economic Policy, 32, 84-126.
36. Phelps Brown, E. H. and Handfield Jones, S. J. (1952). The climacteric of the 1890s. Oxford Economic Papers, 4, 266-307.
37. Pissarides, C. A. (2000). Equilibrium Unemployment Theory. Cambridge Mass.: MIT Press.
38. Pissarides, C. A. and Vallanti, G. (2005). The Impact of TFP Growth on Steady-State Unemployment. CEPR Discussion Paper no. 5002, London School of Economics.
39. Taylor, J. B. (1979). Staggered wage setting in a macro model. American Economic Review, Papers and Proceedings, 69, 108-13.