The application of modern econometric techniques to the analysis of UK labour market and international relationships
The published papers and accompanying essay which constitute this doctoral thesis examine a number of key UK macroeconomic relationships using modern econometric methods. Aggregate labour demand and supply schedules are estimated on both inter-war and post-war UK data. The use of a consistent ntheoretical structure enables comparisons of parameter estimates to be made between the two periods. Labour participation data nare analysed by sex and age in the context of the retirement decision. The determination of multilateral exchange rates and UK imports are also investigated. In each area of application, the empirical model was identified using dynamic econometric methods and with the aid of various specification tests. In general, the resulting models offer a superior explanation of the relevant economic data than was previously available. In certain cases, this has implications for the conduct of national economic policy.