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The effect of skill shortages on unemployment and real wage growth: a simultaneous equation approach

Wallis, G.; (2002) The effect of skill shortages on unemployment and real wage growth: a simultaneous equation approach. Presented at: The 2003 Royal Economic Society Annual Conference, University of Warwick, UK. Green open access

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Abstract

This paper attempts to quantify the effect of skill shortages on the UK labour market by developing a simultaneous equation model of unemployment and real wage growth. The model is developed following a structural approach based on a priori economic information and is initially estimated using a two-stage least squares procedure. The model is also estimated using Zellner's seemingly unrelated regressions estimation technique, with similar results. It is shown that skill shortages have a positive effect on real wage growth and a negative effect on unemployment, with both these effects economically and statistically significant.

Type: Conference item (Presentation)
Title: The effect of skill shortages on unemployment and real wage growth: a simultaneous equation approach
Event: The 2003 Royal Economic Society Annual Conference
Location: University of Warwick, UK
Dates: 7-9th April 2003
Open access status: An open access version is available from UCL Discovery
Publisher version: http://www.warwick.ac.uk/res2003/papers/abstracts-...
Language: English
Keywords: Skill shortages, unemployment, wages, 2SLS
UCL classification: UCL > Provost and Vice Provost Offices > UCL SLASH > Faculty of SandHS > Dept of Economics
URI: http://discovery.ucl.ac.uk/id/eprint/18595
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