Real Wages and Unemployment in the Big Squeeze
UK real wage growth has slowed down, stagnated and recently turned sharply negative. We document the nature of real wage changes across the wage distribution over the last three decades, showing that recent patterns represent a distinct break of trend that pre-dates the onset of recession. We explor...
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| Veröffentlicht in: | The Economic journal (London) 2014-05, Vol.124 (576), p.408-432 |
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| container_end_page | 432 |
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| container_title | The Economic journal (London) |
| container_volume | 124 |
| creator | Gregg, Paul Machin, Stephen Fernández-Salgado, Mariña |
| description | UK real wage growth has slowed down, stagnated and recently turned sharply negative. We document the nature of real wage changes across the wage distribution over the last three decades, showing that recent patterns represent a distinct break of trend that pre-dates the onset of recession. We explore whether unemployment has become a stronger moderating influence on real wage growth and report, using aggregate economy-wide and regional panel data, that real wage-unemployment sensitivities have become stronger in the period from 2003 onwards. Finally, we offer some assessment of possible drivers of this increased sensitivity of real wages to unemployment. |
| doi_str_mv | 10.1111/ecoj.12139 |
| format | Article |
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| ispartof | The Economic journal (London), 2014-05, Vol.124 (576), p.408-432 |
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| language | eng |
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| source | Wiley Online Library Journals Frontfile Complete; EBSCOhost Business Source Complete; Jstor Complete Legacy; Oxford University Press Journals All Titles (1996-Current) |
| subjects | Distribution Documents Economic deflation Economic recessions Economic trends Employment Growth models Labor markets Panel data Real wages Recession Sample size Stagnation Studies Unemployment Unemployment rates United Kingdom Wages Wages & salaries |
| title | Real Wages and Unemployment in the Big Squeeze |
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