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Title: Incomes policy in the U.K., 1960-79 : modelling and analysis
Author: Whitley, John D.
ISNI:       0000 0001 3567 4580
Awarding Body: University of Warwick
Current Institution: University of Warwick
Date of Award: 1983
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The research examines three aspects of incomes policy: its measurement; its appropriate incorporation in an aggregate model of wage inflation; and the empirical explanation of changes in incomes policy. A continuous quantity measure of policy is derived which incorporates the various pieces of information and attitudes regarding policy. Inclusion of the policy variable in a real wage resistance model of wage inflation finds a statistically significant policy influence but considerable average slippage between ex-ante and ex-post policy influence. Significant incomes policy catch-up effects are also found but these are weaker the longer the length of preceding policy. The most important policy effects on wages identified are in the wage freezes of 1966 and 1972 and during the policy of 1975-77. The stance of incomes policy is reasonably successfully explained by changes in the inflation rate and by deviations of employment from a moving trend of unemployment so that a persistently high level of unemployment is discounted for policy purposes. However, there is considerable inertia in the setting of incomes policy. The overall implication of the wage and policy model developed is that changes in policy can either magnify or dampen exogenous shocks to the wage-price sub-sector and thus policy feedback is not inherently stabilising.
Supervisor: Not available Sponsor: Not available
Qualification Name: Thesis (Ph.D.) Qualification Level: Doctoral
EThOS ID:  DOI: Not available
Keywords: HD Industries. Land use. Labor