Wages, work intensity and unemployment in Japan, UK and USA
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This paper focuses on the impact of excess labour supply on wage inflation in Japan, the US and the UK. Excess labour supply is not simply measured as officially registered unemployed persons but includes a measure of excess supply within the firm, i.e. work intensity. The empirical analysis confirms the importance of broadening the unemployment definition. Interesting differences arise in the cross-country comparison. Our key conclusions are that work intensity is an important factor in determining wage inflation, and that results based on recorded unemployment rates alone seriously underestimate the flexibility of real wages.
|Research Areas:||Business School > Economics and International Development|
|Citations on ISI Web of Science:||1|
|Deposited On:||04 Dec 2008 12:17|
|Last Modified:||02 Jul 2014 12:59|
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