British inflation and unemployment in the 1970s: a model-based decomposition

Matthews, Kent Gerard Patrick ORCID: https://orcid.org/0000-0001-6968-3098 and Minford, Anthony Patrick Leslie ORCID: https://orcid.org/0000-0003-2499-935X 1996. British inflation and unemployment in the 1970s: a model-based decomposition. Applied Economics 28 (1) , pp. 103-115. 10.1080/00036849600000013

Full text not available from this repository.

Abstract

The UKs stagflation in the 1970s is decomposed into its causative factors, using the Liverpool rational expectations model. It is found that there was a large rise in the natural rate of unemployment, mainly due to rising union density; that fiscal and monetary shocks had little effect on the resulting rise in unemployment; and the high inflation of the period was due to persistent and large fiscal deficits, with their accompanying monetization. Mrs Thatcher inherited an inflation induced by an ongoing deficit and a natural rate of over 2 million unemployed.

Item Type:	Article
Date Type:	Publication
Status:	Published
Schools:	Business (Including Economics)
Subjects:	H Social Sciences > HC Economic History and Conditions H Social Sciences > HD Industries. Land use. Labor
Publisher:	Taylor & Francis
ISSN:	0003-6846
Last Modified:	24 Oct 2022 11:04
URI:	https://orca.cardiff.ac.uk/id/eprint/46837

Citation Data

Cited 1 time in Scopus. View in Scopus. Powered By Scopus® Data

Actions (repository staff only)

Edit Item