Long‐Term Unemployment and the Great Recession: Evidence from UK Stocks and Flows

Singleton, Carl

doi:10.1111/sjpe.12139

Cited by 7 publications

(3 citation statements)

References 31 publications

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“…The results further reveal that economic crises have a negative impact on the growth of RGDPC. These are in consonance with the results of various studies that have examined the effect of various types of crises on the economy (see for example, Bloom, ; Singleton, ).…”

Section: Resultssupporting

confidence: 88%

The exploration of economic crises: parameter uncertainty and predictive ability

Inekwe

2018

Scottish J Political Eco

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Over a long horizon, this paper examines joint economic crises and determines the power of 49 variables in predicting such episodes. While incorporating dynamism in the prediction, we generate the predictive power of various specifications and model the uncertainty in the parameters of interest. The results reveal that growth of real gross domestic product per capita, regulation, bank non-performing loans, interest rate and inflation rate are the most significant variables in predicting the joint economic crises. These variables predict economic crises with about 93% accuracy and can predict joint economic crises in developing countries and recent joint crises.

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Section: Resultssupporting

confidence: 88%

The exploration of economic crises: parameter uncertainty and predictive ability

Inekwe

2018

Scottish J Political Eco

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“…In contrast, redundancy is an adjustment strategy that involves a quantity adjustment where the consequences are manifest in the external labour market. Although some workers may find alternative employment (and some may quit the labour market), in terms of a stocks and flows model of the labour market, redundancy causes an increase in the flow off the stock of employment and an increase in the inflow onto the stock of unemployment (Elsby et al , 2011; Smith, 2011; Singleton, 2017). The employment rate, therefore, decreases and the unemployment rate increases.…”

Section: Workforce Adjustment Strategies: a Contextmentioning

confidence: 99%

The workforce adjustment strategies used by workplaces in Britain during the Great Recession

Sutherland

2018

EBHRM

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Purpose The purpose of this paper is to provide a human resource management perspective of the workforce adjustment strategies implemented at workplaces in Britain in response to the Great Recession. Design/methodology/approach The analysis uses an ordered probit and a series of binomial probits to examine a micro data set from the 2011 Workplace Employment Relations Study. Findings Not all workplaces were affected equally by the recession. Not all workplaces chose to implement workforce adjustment strategies consequential of the recession, although the probability of a workplace taking no action decreased the greater the adverse effect of the recession on the workplace. Most workplaces used a combination of workforce adjustment strategies. Workplaces implemented strategies more compatible with labour hoarding than labour shedding, i.e., cutting/freezing wages and halting recruitment to fill vacant posts rather than making employees redundant. Research limitations/implications What was examined was the incidence of the workforce adjustment strategies, not the number of employees affected by the implementation of a strategy. Further, what was examined were outcomes. What is not known are the processes by which these outcomes were arrived at. Originality/value This paper concurs with the findings of previous economic studies that workplaces hoarded labour, cut hours and lowered pay. In so doing, however, it provides a more detailed and more informed human resource management perspective of these adjustment strategies.

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“…Labour supply decisions aside, the UK LFS data has also been widely used in relation to a broad range of labour topics of contemporary interest. A short and non-exhaustive list includes: the Great Recession (for example see Singleton, 2018); immigration (for example see Wadsworth, 2018); gender pay gap (for example see Azmat, 2015); ethnic pay gap (for example see Brynin & Güveli, 2012); returns to education (for example see Devereux & Fan, 2011); occupational and social mobility (for example see Laurison & Friedman, 2015); trade unions (for example see Beynon, Davies & Davies, 2012); employment polarisation (for example see Holmes & Mayhew, 2015); job quality (for example see Jones & Green, 2009); sickness and workplace injury (for example see Davies, Jones & Nuñez, 2009); happiness and wellbeing (for example see Fujiwara & Lawton, 2016). This paper utilises the (LFS from 1994q2 to 2015q2 to examine labour supply decisions with respect to earnings and consider whether we are willing or indeed able to work less.…”

Section: Introductionmentioning

confidence: 99%

Are we working less? An examination of changing UK labour supply decisions since the 1990s

Jones

Nasir

2020

JES

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PurposeThis purpose of the study is to examine the labour supply decisions with respect to earnings and considers whether we are willing or indeed able to work less. The authors specifically focus on the three points of time, i.e. beginning of the sample, pre and post Global Financial Crisis.Design/methodology/approachThe study regression analysis by utilises microdata from the UK Labour Force Survey (LFS) regarding individual hours worked in three separate survey periods: 1994q2, 2007q2 and 2015q2FindingsThe results suggest that we are far from income-satiated. The elasticity of hours worked with respect to earnings is stubbornly inelastic and for some demographic cohorts positive, implying the desire to work more. The authors find that job flexibility matters in facilitating reduced hours of work, but that jobs are not becoming more flexible. The authors also do see a secular reduction in hours worked, accompanied by a shift to working later in life, but these appear to be down to factors other than higher wages.Research limitations/implicationsThe study has important research implications in terms of understanding the dynamics of the labour market on the whole and in the pre and post global financial crisis periods.Practical implicationsThe research has profound policy implication in terms of labour and employment policy.Social implicationsThere are important social implications, particularly in terms of household labour supply decisions and substitution between work and leisure.Originality/valueThe study has significant element of originality in terms of understanding the changing dynamics of labour market. This is the first study which has investigated the labour market in the light of empirical evidence and in the various time periods.

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Long‐Term Unemployment and the Great Recession: Evidence from UK Stocks and Flows

Cited by 7 publications

References 31 publications

The exploration of economic crises: parameter uncertainty and predictive ability

The exploration of economic crises: parameter uncertainty and predictive ability

The workforce adjustment strategies used by workplaces in Britain during the Great Recession

Are we working less? An examination of changing UK labour supply decisions since the 1990s

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