Unemployment in Britain
Subtitle: a European success story
By: Christopher A. Pissarides.
Contributors: London School of Economics and Political Science. Centre for Economic Performance.
Series: Discussion paper ;; no. 600; Discussion paper (London School of Economics and Political Science. Centre for Economic Performance : Online) ;; no. 600.
Publisher: Centre for Economic Performance, London School of Economics and Political Science
Published: 2003
Place of publication: [London]
Language: eng
Format: Electronic resource
Subjects: Unemployment -- Great Britain.
Description: "Unemployment in Britain has fallen from high European-style levels to US levels. I argue that the key reasons are first the reform of monetary policy, in 1993 with the adoption of inflation targeting and in 1997 with the establishment of the independent Monetary Policy Committee, and second the decline of trade union power. I interpret the reform of monetary policy as an institutional change that reduced inflationary expectations in the face of falling unemployment. The decline of trade union power contributed to the control of wage inflation. The major continental economies failed to match UK performance because of institutional rigidities, despite low inflation expectations"--London School of Economics web site.
Notes: Includes bibliographical references.
Title from summary page as viewed on 1/7/2005.
Also available in print.
System requirements: Adobe Acrobat Reader.
Mode of access: World Wide Web.