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Labour-market Institutions and Macroeconomic Shocks

✍ Scribed by Yu-Fu Chen; Dennis Snower; Gylfi Zoega


Book ID
108549836
Publisher
John Wiley and Sons
Year
2003
Tongue
English
Weight
200 KB
Volume
17
Category
Article
ISSN
1121-7081

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This paper discusses the dynamic response of employment, average hours, and real wages to macroeconomic policy shocks in the UK in the period 1970 Q1-2003 Q1. Following a monetary policy shock the adjustment of labour input is primarily along the extensive margin. However, there is also significant