Incomes Policy

In this paper we examine the effects of the policies of wage and price that have at various times been employed in Britain since 1945. We have taken the two-equation model that has been studied extensively in the context of data for both the United Kingdom and the United States,2 and have assumed that, although far from perfect, this model will be a good enough statistical description of wage and price inflation to allow it to catch any major influence of wage and price restraints. In order to see how the potential effects of incomes policies should be specified in this two-equation model, we are forced to examine the derivation of the equations in some detail. In this process we discover that shift dummies which have been used by other investigators3 to catch the effects of incomes policies are inappropriate and that their use can give rise to misleading results. After conducting tests more satisfactory than those employing shift dummies, we conclude that the data are not inconsistent with the view that wage and price restraints have usually been ineffective in restraining inflation, and also that the restraints have sometimes actually had the effect of raising the rate of inflation above what it would otherwise have been. This perverse effect is very noticeable in the most recent periods of restraint since 1966

Context (archaeology) · Econometrics · Economics · Incomes policy · Inflation (cosmology) · Labour economics · Macroeconomics · Order (exchange) · Price level · Raising (metalworking) · Wage · Economic Theory and Policy · Fiscal Policy and Economic Growth · Mathematics · Monetary Policy and Economic Impact

• Volume 25, Número 2

  Open Access•Novos Cadernos Naea•Novos Cadernos NAEA•2022

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• Salários reais, produtividade do trabalho e desemprego na indústria extrativa do Estado do Pará

  Open Access•Letícia Lima De Sousa, Douglas Alcântara Alencar et al.•Novos Cadernos NAEA•2022

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• Income Control Policies and Industrial Relations in Canada

  R W Crowley•Canadian Public Policy•1981

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• Canadian Wage and Price Controls

  Frank Reid, Frank J Reid•Canadian Public Policy•1976

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• Is Tax-Based Incomes Policy an Answer

  Jong S You•Canadian Public Policy•1982

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• Wage Determination in the Aftermath of Controls

  Louis N Christofides, David A Wilton•Economica•1985

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• Wages, Prices and Incomes Policies

  Kenneth F Wallis•Economica•1971

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• A Microeconometric Analysis of the Canadian Wage Determination Process

  Louis N Christofides, Robert Swidinsky et al.•Economica•1980

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• Aggregate Supply, Aggregate Demand and Income Distribution in Ireland

  Brian Nolan, John Bradley et al.•Economica•1985

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• Evasion of Incomes Policy

  Robert F Elliott, P D Murphy•The Economic Journal•1989

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• Cointegration in Recursive Systems

  James Davidson, Stephen G Hall et al.•The Economic Journal•1991

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• Fact and fancy in international economic relations

  Open Access•Thomas Balogh, Peter Balacs•World Development•1973

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• Scottish Journal of Political Economy

  Open Access•E H Phelps Brown•Scottish Journal of Political…•1971

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• The Phillips Curve and All That

  Open Access•Kurt W Rothschild•Scottish Journal of Political…•1971

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• The Changing Nature of National Wage Agreements

  Open Access•William A Brown, William Brown et al.•Scottish Journal of Political…•1978

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• Linear Statistical Inference and its Applications

  Open Access•C Radhakrishna Rao•Linear Statistical Inference and…•1973

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• The Relation between Unemployment and the Rate of Change of Money Wage Rates in the United Kingdom, 1862-1957

  Richard G Lipsey•Economica•1960

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• The Relation Between Unemployment and the Rate of Change of Money Wage Rates in the United Kingdom, 1861–1957 1

  Open Access•Allyn W Phillips•Economica•1958

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