Production Constraints and the Nairu
Copyright policy )Production Constraints and the Nairu
AbstractThis paper argues that the production constraints in the basic NAIRU model should be distinguished by type: capital constraints and labour constraints. It notes the failure to incorporate this phenomenon in standard macro models. Using panel data for UK manufacturing over 80 quarters we show that capital constraints became relatively more important during the 1980s as industry failed to match the increase in labour flexibility with rising capital investment.
- UNIVERSITY OF LEICESTER
- University of Leicester United Kingdom
- Imperial College London United Kingdom
- University of Leicester
- Department of Economics Indonesia
3900, NAIRU, Strukturbruch, Social Sciences, Großbritannien, capital labour constraints nairu panel, labour, panel data, H, Natürliche Arbeitslosigkeit, breaks, data structural, Verarbeitendes Gewerbe, HB71-74, ddc:330, 8520, Capital, Arbeitsproduktivität, Economics as a science, Kapitalproduktivität, Capital,labour,constraints,NAIRU,panel data,structural breaks, Panel, E22, D24, E24, constraints, structural breaks, capital labour constraints nairu panel,data structural,breaks, C23, jel: jel:C23, jel: jel:E22, jel: jel:D24, jel: jel:E24
3900, NAIRU, Strukturbruch, Social Sciences, Großbritannien, capital labour constraints nairu panel, labour, panel data, H, Natürliche Arbeitslosigkeit, breaks, data structural, Verarbeitendes Gewerbe, HB71-74, ddc:330, 8520, Capital, Arbeitsproduktivität, Economics as a science, Kapitalproduktivität, Capital,labour,constraints,NAIRU,panel data,structural breaks, Panel, E22, D24, E24, constraints, structural breaks, capital labour constraints nairu panel,data structural,breaks, C23, jel: jel:C23, jel: jel:E22, jel: jel:D24, jel: jel:E24
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