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Institut für Weltwirtschaft (IfW), Kiel >
Economics: The Open-Access, Open-Assessment E-Journal - Journal Articles >
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http://hdl.handle.net/10419/18024
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| Title: | | Production Constraints and the NAIRU  |
| Authors: | | Hall, Stephen G. Driver, Ciaran F. |
| Issue Date: | | 2008 |
| Citation: | | [Journal:] Economics: The Open-Access, Open-Assessment E-Journal [Volume:] 2 [Issue:] 2008-11 [Pages:] 1-15 [DOI/URN:] doi:10.5018/economics-ejournal.ja.2008-11 |
| Series/Report no.: | | economics - The Open-Access, Open-Assessment E-Journal 2008-11 |
| Abstract: | | This paper argues that the production constraints in the basic NAIRU model should be distinguished by type: capital constraints and labour constraints. It notes the failure to incorporate this phenomenon in standard macro models. Using panel data for UK manufacturing over 80 quarters we show that capital constraints became relatively more important during the 1980s as industry failed to match the increase in labour flexibility with rising capital investment. |
| Subjects: | | Capital labour constraints NAIRU panel data structural breaks |
| JEL: | | C23 D24 E22 E24 |
| Persistent Identifier of the first edition: | | doi:10.5018/economics-ejournal.ja.2008-11 |
| URL of the first edition: | | http://www.economics-ejournal.org/economics/journalarticles/2008-11 |
| Creative Commons License: | |  |
| Document Type: | | Article |
| Appears in Collections: | | Economics: The Open-Access, Open-Assessment E-Journal - Journal Articles
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