dc.contributor.author |
Matthews, Kent
|
|
dc.contributor.author |
Minford, Patrick
|
|
dc.contributor.author |
Naraidoo, Ruthira
|
|
dc.date.accessioned |
2009-05-11T07:22:53Z |
|
dc.date.available |
2009-05-11T07:22:53Z |
|
dc.date.issued |
2008-09 |
|
dc.description.abstract |
This paper develops a political economy model of multiple unemployment equilibria to provide a theory of an endogenous natural rate of unemployment for the UK and the US interwar period. The theory here sees the natural rate and the associated path of unemployment as a reaction to mainly demand shocks and the institutional structure of the economy. The channel through which these two forces feed on each other is a political economy process whereby voters with limited information on the natural rate react to shocks by demanding more or less social protection. The reduced form results confirm a pattern of unemployment behaviour in which unemployment moves between high and low equilibria in response to shocks. |
en_US |
dc.identifier.citation |
Matthews, K, Minford, P & Naraidoo, R 2008, 'Vicious and virtuous circles: the political economy of unemployment in interwar UK and USA', European Journal of Political Economy, vol. 24, no. 3, pp. 605-614. [http://www.elsevier.com/wps/find/journaldescription.cws_home/505544/description] |
en_US |
dc.identifier.issn |
0176-2680 |
|
dc.identifier.other |
10.1016/j.ejpoleco.2008.04.005 |
|
dc.identifier.uri |
http://hdl.handle.net/2263/10005 |
|
dc.language.iso |
en |
en_US |
dc.publisher |
Elsevier |
en_US |
dc.rights |
Elsevier |
en_US |
dc.subject |
Equilibrium unemployment |
en_US |
dc.subject |
Political economy |
en_US |
dc.subject |
Vicious and virtuous circles |
en_US |
dc.subject |
Bootstrapping |
en_US |
dc.subject |
Forecasting |
en_US |
dc.subject.lcsh |
Unemployment -- Econometric models |
en |
dc.title |
Vicious and virtuous circles : the political economy of unemployment in interwar UK and USA |
en_US |
dc.type |
Postprint Article |
en_US |