A QUARTERLY MODEL OF THE LABOUR MARKET IN INTERWAR BRITAIN
利用季度数据估计并检验了一个三方程劳动力市场模型，发现实际工资对就业周期波动有显著影响，但保险制度和人口因素削弱了工资对劳动力供给的影响。
In this paper, the author estimates and tests a three-equation labor-market model for the interwar period on quarterly data. The results for employment indicate that real wage effects can be i dentified in the presence of other variables and that the real wage m akes a significant contribution to variations in employment over the cycle. For the insured labor force wage, effects are hard to identify in the presence of variables reflecting the stance of the insurance system and demographic factors. Alternative views of why unemployment persisted in the 1920s and 1930s are addressed by examining the wage equation.