Unemployment in Inter-war Britain: An Equilibrium Approach

Kent Matthews

Bulletin of Economic Research, 1987, vol. 39, issue 2, 151-69

Abstract: This paper constructs and estimates an equilibrium model of the labor market for the U.K. interwar period. The model attempts to explain why the United Kingdom suffered high unemployment even when the economy grew at respect able rates of growth. Labor supply is modeled as responding to the le vel of real unemployment benefits. The paper suggests that unemployme nt benefit is the source of "wage rigidity." The estimated relatio nships are then used to provide a supply-side interpretation of unemp loyment in the interwar period. Copyright 1987 by Blackwell Publishing Ltd and the Board of Trustees of the Bulletin of Economic Research

Date: 1987
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