| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP7983
|
| DP7983 Labour Markets in the Interwar Period and Economic Recovery in the UK and the USA |
| Timothy Hatton; Mark Thomas
|
| 发表日期 | 2010-09-01
|
| 出版年 | 2010
|
| 语种 | 英语
|
| 摘要 | We examine the labour market experience of the UK and the US in the recessions of the early 1920s and the early 1930s and the subsequent recoveries. These were deep recessions, comparable to that of 2008-9, but the recoveries were very different. In the UK the recovery of the 1920s was incomplete but that of the 1930s was rather less protracted than in the US. By contrast the US experienced very strong recovery in the 1920s but weaker recovery from the much deeper recession of the 1930s. A key ingredient to understanding these patterns is the interaction between economic shocks and labour market institutions. Here we survey the large literature on interwar labour markets to identify the key elements that underpinned labour market performance. We find that developments in wage setting institutions and in unemployment insurance inhibited a return to full employment in interwar Britain while in the US, New Deal legislation impeded labour market adjustment in the 1930s. We conclude with an assessment of the policy responses to labour market crises in the past and in the present. |
| 主题 | Labour Economics
|
| 关键词 | Great depression
Labour markets
Unemployment
|
| URL | https://cepr.org/publications/dp7983
|
| 来源智库 | Centre for Economic Policy Research (United Kingdom)
|
| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/536820
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推荐引用方式
GB/T 7714 |
Timothy Hatton,Mark Thomas. DP7983 Labour Markets in the Interwar Period and Economic Recovery in the UK and the USA. 2010.
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