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What Can Wages and Employment Tell Us about the UK's Productivity Puzzle?

Blundell, Richard; Crawford, Claire; Jin, Wenchao; (2014) What Can Wages and Employment Tell Us about the UK's Productivity Puzzle? The Economic Journal , 124 (576) pp. 377-407. 10.1111/ecoj.12138. Green open access

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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.

Type: Article
Title: What Can Wages and Employment Tell Us about the UK's Productivity Puzzle?
Open access status: An open access version is available from UCL Discovery
DOI: 10.1111/ecoj.12138
Publisher version: https://doi.org/10.1111/ecoj.12138
Language: English
Additional information: © 2014 Institute of Fiscal Studies. The Economic Journal published by John Wiley & Sons Ltd on behalf of the Royal Economic Society This is an open access article under the terms of the Creative Commons Attribution License (https://creativecommons.org/licenses/by-nc-nd/3.0/), which permits use, distribution and reproduction in any medium, provided the original work is properly cited.
UCL classification: UCL
UCL > Provost and Vice Provost Offices > School of Education
UCL > Provost and Vice Provost Offices > UCL SLASH
UCL > Provost and Vice Provost Offices > School of Education > UCL Institute of Education
UCL > Provost and Vice Provost Offices > School of Education > UCL Institute of Education > IOE - Learning and Leadership
UCL > Provost and Vice Provost Offices > UCL SLASH > Faculty of S&HS
UCL > Provost and Vice Provost Offices > UCL SLASH > Faculty of S&HS > Dept of Economics
URI: https://discovery.ucl.ac.uk/id/eprint/10159850
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