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• W2440189024 abstract "Three so-called 'stylised facts' have led many economists to reject the hypothesis that the aggregate labour market continuously clears. The first stylised fact is the pro-cyclical movement of the real wage, or equivalently a positive correlation between employment and the real wage. Taken on its own, this implies that fluctuations arising in aggregate demand must induce shifts in the labour demand schedule. When added to the second stylised fact, namely that short-run labour supply is relatively inelastic, one obvious implication is that the same source of shocks will trace out a locus of points in real wageemployment space (along the labour supply schedule) where the fluctuations in the real wage are large relative to the fluctuations in employment. Given the third stylised fact, namely that the real wage fluctuates very little over the cycle, it follows that market-clearing is not consistent with the evidence. It is this line of argument that provides support for the so-called 'disequilibrium' models associated with Barro and Grossman (I971). However, it is worth stressing that these facts are perfectly consistent with market-clearing provided it is possible for labour supply, together with labour demand, to move in response to aggregate demand fluctuations. This occurs in the standard Lucas and Rapping (I969) model, where labour supply depends upon the real rate of interest. The empirical evidence available for assessing these competing hypotheses is extensive, and questions the validity of the 'facts' stated. In particular, recent evidence suggests that the correlation between employment and the real wage is negative, or not well determined, as demonstrated by Neftci (1978), Alogoskoufis (I982), and Geary and Kennan (i982).1 But the 'constant real" @default.
• W2440189024 created "2016-06-24" @default.
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• W2440189024 date "2016-01-01" @default.
• W2440189024 modified "2023-09-23" @default.
• W2440189024 title "AN EMPIRICAL INVESTIGATION INTO MARKET-CLEARING FOR THE UK*" @default.
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• W2440189024 hasPublicationYear "2016" @default.
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