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What can wages and employment tell us about the UK's productivity puzzle?
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Blundell, Richard, Crawford, Claire and Jin, Wenchao (2014) What can wages and employment tell us about the UK's productivity puzzle? The Economic Journal, 124 (576). pp. 377-407. doi:10.1111/ecoj.12138
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Official URL: http://dx.doi.org/10.1111/ecoj.12138
Abstract
As in many European countries, labour productivity in the UK has been stagnant since the start of the Great Recession. This article uses individual data on employment and wages to try to understand whether real wage flexibility can help shed light on the UK's productivity puzzle. It finds, perhaps unsurprisingly, that workforce composition cannot explain the reduction in wages and hence productivity that we observe, even compared to previous recessions; instead, real wages have fallen significantly within jobs this time round. Why? One possibility we investigate is that the labour supply in the UK is higher compared to previous recessions.
| Item Type: | Journal Article | ||||||||
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| Subjects: | H Social Sciences > HC Economic History and Conditions H Social Sciences > HD Industries. Land use. Labor |
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| Divisions: | Faculty of Social Sciences > Economics | ||||||||
| Library of Congress Subject Headings (LCSH): | Labor productivity -- Great Britain, Labor supply -- Great Britain, Global Financial Crisis, 2008-2009 -- Great Britain, Recessions -- Great Britain | ||||||||
| Journal or Publication Title: | The Economic Journal | ||||||||
| Publisher: | Wiley-Blackwell Publishing Ltd. | ||||||||
| ISSN: | 0013-0133 | ||||||||
| Official Date: | 23 May 2014 | ||||||||
| Dates: |
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| Date of first compliant deposit: | 13 September 2016 | ||||||||
| Volume: | 124 | ||||||||
| Number: | 576 | ||||||||
| Page Range: | pp. 377-407 | ||||||||
| DOI: | 10.1111/ecoj.12138 | ||||||||
| Status: | Peer Reviewed | ||||||||
| Publication Status: | Published | ||||||||
| Funder: | Economic and Social Research Council (Great Britain) (ESRC) | ||||||||
| Grant number: | ES-544-28-0001 |
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