THE IMPACT OF BRITISH REGIONAL POLICIES ON EMPLOYMENT GROWTH
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Journal Article THE IMPACT OF BRITISH REGIONAL POLICIES ON EMPLOYMENT GROWTH Get access T. W. BUCK, T. W. BUCK Department of Industrial Economics Nottingham University Search for other works by this author on: Oxford Academic Google Scholar M. H. ATKINS M. H. ATKINS Department of Industrial Economics Nottingham University 1Acknowledgements. We should like to thank officials of the Department of Employment Statistics Division at Watford for the supply of unpublished employment data Search for other works by this author on: Oxford Academic Google Scholar Oxford Economic Papers, Volume 28, Issue 1, March 1976, Pages 118–132, https://doi.org/10.1093/oxfordjournals.oep.a041333 Published: 01 March 1976Overlapping generations model
Consumption
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Abstract I study unemployment insurance (UI) in general equilibrium with incomplete markets, search frictions, and nominal rigidities. An increase in generosity raises the aggregate demand for consumption if the unemployed have a higher marginal propensity to consume than the employed or if agents precautionary save in light of future income risk. This raises output and employment unless monetary policy raises the nominal interest rate. In an analysis of the U.S. economy over 2008–2014, UI benefit extensions had a contemporaneous output multiplier around 1. The unemployment rate would have been as much as 0.4 pp higher absent these extensions.
Generosity
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Indexation
New Keynesian economics
Persistence (discontinuity)
Price setting
Rigidity (electromagnetism)
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Capital (architecture)
Terms of trade
Value (mathematics)
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This paper argues that the rate of equilibrium unemployment depends on the objectives of the Central Bank. In a model where the Central Bank uses monetary policy to stabilise the economy, we show that unemployment and inflation will be lower with an inflation target than with targets for output, money or nominal GDP. The intuition for this is that the elasticities of demand in both the product and the labour markets are greater when there is an inflation target; we show that this leads to a lower mark‐up of price over marginal cost and makes wages more sensitive to unemployment.
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Misery index
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ABSTRACT Empirical observations suggest the existence of an unstable inflation‐unemployment trade‐off: whereas high levels of employment generate accelerating inflation rates, stability of the price level seems to require growing rates of unemployment. Under these conditions, macroeconomic policy has to produce countervailing economic fluctuations in order to limit the extent of the two‐sided instability. This is discussed within the framework of a macroeconomic model, in which prices and wages are determined by potential competition, and in which employment depends on monetary demand. The model is confronted with prevailing natural rate theories in which a stable equilibrium rate of employment is determined by supply conditions.
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Economic stability
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New Keynesian economics
Market clearing
Price setting
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Rationing
Nonmarket forces
Market clearing
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Laffer curve
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