Wages in the Business Cycle

An Empirical and Methodological Analysis

By:

Jonathan Michie

Format:

Hardback

Series:

Bloomsbury Academic Collections: Economics

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Description

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.

Author Biography:

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

Release date Australia

November 7th, 2013

Author

Jonathan Michie

Audience

Postgraduate, Research & Scholarly

Pages

256

Series

Bloomsbury Academic Collections: Economics

Dimensions

156x234x12

ISBN-13

9781472513182

Product ID

21487028

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