![]() Inflation in the UK: salient contributions include Dicks-Mireaux and Dow (1959), Lipsey Keywords: Nominal wages Real wages UK historical data Structural breaks Non-linear modellingįollowing the introduction by Phillips (1958, 1962) of the famous ‘Phillips curve’ relation between wage inflation and unemployment, many studies have investigated wage Where workers react more to inflation when it rises. Unemployment ‘trade union power’ and unemployment benefits and measures of excess demand, ![]() Nominal wages breaks over 1860–2004 non-linearities, including Phillips’ non-linear response to We investigate: wage rates and weekly earnings real versus More than 6 fold, and nominal 500 times laws, technology, wealth distribution, and social structureĪre unrecognizably different from 1860. HugeĬhanges have occurred over this long-run, so congruence is hard to establish: real wages have risen The relation between unemployment and the rate ofĬhange of money wage rates in the United Kingdom, 1861–1957. Their determinants [see Phillips, A.W.H., 1958. ![]() Received 5 March 2007 accepted 21 August 2007Īs it is almost 50 years since the Phillips curve, we analyze an historical series on UK wages and The long-run determinants of UK wages, 1860–2004Įconomics Department, Oxford University, UK Available online at Journal of Macroeconomics 31 (2009) 5–28
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