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The effects of macroeconomic policy shocks on the UK labour market

✍ Scribed by Athanasios Tagkalakis

Publisher: John Wiley and Sons
Year: 2006
Tongue: English
Weight: 234 KB
Volume: 11
Category: Article
ISSN: 1076-9307
DOI: 10.1002/ijfe.295

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✦ Synopsis

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 adjustment along the intensive margin 1 year after the shock. A government spending shock leads to a fall in employment and hours, whereas real wages rise. This is attributed to the wage bill component of government consumption.

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