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Incomes policy in the U.K. 1960-79: modelling and analysis
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Whitley, John (1983) Incomes policy in the U.K. 1960-79: modelling and analysis. PhD thesis, University of Warwick.
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Official URL: http://webcat.warwick.ac.uk/record=b1755531~S1
Abstract
The research examines three aspects of incomes policy: its measurement; its appropriate incorporation in an aggregate model of wage inflation; and the empirical explanation of changes in incomes policy. A continuous quantity measure of policy is derived which incorporates the various pieces of information and attitudes regarding policy. Inclusion of the policy variable in a real wage resistance model of wage inflation finds a statistically significant policy influence but considerable average slippage between ex—ante and ex-post policy influence. Significant incomes policy catch-up effects are also found but these are weaker the longer the length of preceding policy. The most important policy effects on wages identified are in the wage freezes of 1966 and 1972 and during the policy of 1975-77.
The stance of incomes policy is reasonably successfully explained by changes in the inflation rate and by deviations of employment from a moving trend of unemployment so that a persistently high level of unemployment is discounted for policy purposes. However, there is considerable inertia in the setting of incomes policy.
The overall implication of the wage and policy model developed is that changes in policy can either magnify or dampen exogenous shocks to the wage-price sub-sector and thus policy feedback is not inherently stabilising.
| Item Type: | Thesis (PhD) | ||||
|---|---|---|---|---|---|
| Subjects: | H Social Sciences > HD Industries. Land use. Labor | ||||
| Library of Congress Subject Headings (LCSH): | Wages -- Great Britain, Great Britain -- Economic policy, Great Britain -- Politics and government -- 1964-1979, Wages -- Government policy -- Great Britain | ||||
| Official Date: | May 1983 | ||||
| Dates: |
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| Institution: | University of Warwick | ||||
| Theses Department: | Department of Economics | ||||
| Thesis Type: | PhD | ||||
| Publication Status: | Unpublished | ||||
| Supervisor(s)/Advisor: | Wallis, Kenneth Frank | ||||
| Extent: | viii, [263] leaves : charts | ||||
| Language: | eng |
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