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Inflation and the UK Labour Market

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  • Nickell, Stephen

Abstract

This paper explores the reasons why inflation is, and has been for four decades, endemic in Britain. We argue that there is a fundamental supply-side constraint in the economy which takes deficit and increases in inflation. The mix of monetary and fiscal policy, along with private sector demand shocks, determines which combination of these three outcomes then occurs. In Britain, the fundamental constraint has shifted adversely over the last two decades and we enumerate some of the factors underlying this shift. As a consequence, policy makers have been confronted with ever more difficult choices and this has resulted in a persistent problem of high unemployment and relatively high inflation. Copyright 1990 by Oxford University Press.

Suggested Citation

  • Nickell, Stephen, 1990. "Inflation and the UK Labour Market," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 6(4), pages 26-35, Winter.
    • Handle: RePEc:oup:oxford:v:6:y:1990:i:4:p:26-35
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    Cited by:

    1. David F. Hendry, 2001. "Modelling UK inflation, 1875-1991," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 16(3), pages 255-275.
    2. Tiberiu-Cristian Avrămescu, 2024. "Modelling the Economic Determinants of Unemployment Using the Multiple Linear Regression: a Case Study of Romania," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(1), pages 384-391, August.
    3. Hume, Michael & Sentance, Andrew, 2009. "The global credit boom: Challenges for macroeconomics and policy," Journal of International Money and Finance, Elsevier, vol. 28(8), pages 1426-1461, December.
    4. Philip Arestis & Malcolm Sawyer, 1997. "Reasserting the Role of Keynesian Policies for the New Millenium," Economics Working Paper Archive wp_207, Levy Economics Institute.
    5. Castle, Jennifer L. & Hendry, David F., 2009. "The long-run determinants of UK wages, 1860-2004," Journal of Macroeconomics, Elsevier, vol. 31(1), pages 5-28, March.
    6. Kenny, Geoff & McGettigan, Donal, 1996. "Non-Traded, Traded and Aggregate Inflation In Ireland (Part 2)," Research Technical Papers 3B/RT/96, Central Bank of Ireland.
    7. Bhattarai, Keshab, 2016. "Unemployment–inflation trade-offs in OECD countries," Economic Modelling, Elsevier, vol. 58(C), pages 93-103.

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