Real Wages, Demand and Employment in the UK 1921-1938: A Disaggregated Analysis

Paul Turner () and Sue Bowden

Bulletin of Economic Research, 1997, vol. 49, issue 4, 309-25

Abstract: This paper uses the Layard and Nickell model of the labour market to examine the determinants of employment at a sectoral level for the interwar UK economy. Sectoral level data permits examination of the differing responses to changes in the determinants of employment. Estimation of employment functions indicates significant elasticities with respect to aggregate demand variables across a wide range of sectors but less support for a negative real wage effect, particularly in those industries responsible for major losses in employment. The evidence is therefore more consistent with the low-aggregate-demand explanation of labour market behaviour than it is with the high-real-wage hypothesis. Copyright 1997 by Blackwell Publishing Ltd and the Board of Trustees of the Bulletin of Economic Research

Date: 1997
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