Wage Inflexibility in Britain

Alan Carruth and Andrew Oswald

Oxford Bulletin of Economics and Statistics, 1987, vol. 49, issue 1, 59-78

Abstract: This paper studies wage inflexibility in Britain. It examines various kinds of microeconomic data on move ments in real pay and uses aggregate data to estimate real consumptio n earnings and real product wage rate equations. The paper's first ma in point is that the unemployment elasticity of real wages is small ( a little under A 0.1), and that it rises or falls with the unemployme nt rate, depending on the wage series to be explained. The second is that profits enter positively and significantly into real wage and ea rnings equations (with an elasticity of approximately 0.05). Copyright 1987 by Blackwell Publishing Ltd

Date: 1987
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