Wages in the Business Cycle

An Empirical and Methodological Analysis

AvJonathan Michie

Inbunden, Engelska, 2013

Del i serien Bloomsbury Academic Collections: Economics

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Beskrivning

During prolonged economic recessions when the normal cyclical expansion of output fails to materialize, the topic of the ‘cyclical behaviour of wages’ has emerged as an area of debate. In 1985, the British Treasury claimed that academic studies into the cyclical behaviour of wages demonstrated that a cut in wages would increase employment. Wages in the Business Cycle contests this argument by presenting the results of original, empirical work which illustrates the absence of any systematic empirical regularity to wage movements over the business cycle.Jonathan Michie argues that the re-emergence of this debate must be seen within the context of the theory of the ‘labour demand function’, representing an attempt to challenge the Keynesian theoretical assumptions implicit in the bulk of applied macro economic work up to the late 1970s.

Produktinformation

Utgivningsdatum:2013-11-07
Mått:156 x 234 x 16 mm
Vikt:472 g
Format:Inbunden
Språk:Engelska
Serie:Bloomsbury Academic Collections: Economics
Antal sidor:256
Förlag:Bloomsbury Publishing PLC
ISBN:9781472513182

Utforska kategorier

Mikroekonomi inom Ekonomi och Ledarskap

Mer om författaren

Jonathan Michie is Professor of Innovation & Knowledge Exchange at the University of Oxford, UK, where he is also President of Kellogg College.

Innehållsförteckning

1. Introduction2. The Theoretical Background3. A Survey of the Literature4. International Results5. Employment6. Phases of the Cycle7. Individual Industries and the Aggregate Economy8. The History of the Cyclical Wage Debate9. ConclusionAppendix 1: Using Alternative Price DeflatorsAppendix 2: Construction of Total Direct Cost IndexAppendix 3: Statistical TestsAppendix 4: DataAppendix 5: The Phase Average Trend TechniqueAppendix 6: Seasonal AdjustmentBibliographyAuthor IndexSubject Index

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