TY - JOUR
T1 - The market for labor in interwar Britain
AU - Beenstock, Michael
AU - Warburton, Peter
PY - 1991/7
Y1 - 1991/7
N2 - In a previous paper we showed that both the supply and the demand for labor in interwar Britain were wage elastic. In the present paper we extend these efforts by endogenizing wage behavior so that the model provides an account of employment, unemployment, participation, and real wages on an integrated basis. We explain wage behavior in terms of an instantaneously augmented expected Phillips curve in which the natural rate of unemployment depends, inter alia, on unemployment benefit. The paper concludes with a series of counterfactual simulations to expose the factors responsible for the rise and decline of unemployment during the period.
AB - In a previous paper we showed that both the supply and the demand for labor in interwar Britain were wage elastic. In the present paper we extend these efforts by endogenizing wage behavior so that the model provides an account of employment, unemployment, participation, and real wages on an integrated basis. We explain wage behavior in terms of an instantaneously augmented expected Phillips curve in which the natural rate of unemployment depends, inter alia, on unemployment benefit. The paper concludes with a series of counterfactual simulations to expose the factors responsible for the rise and decline of unemployment during the period.
UR - http://www.scopus.com/inward/record.url?scp=0011210496&partnerID=8YFLogxK
U2 - 10.1016/0014-4983(91)90009-8
DO - 10.1016/0014-4983(91)90009-8
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AN - SCOPUS:0011210496
SN - 0014-4983
VL - 28
SP - 287
EP - 308
JO - Explorations in Economic History
JF - Explorations in Economic History
IS - 3
ER -