摘要:

The current wage round begins under circumstances markedly different from the previous one. A year ago the Department of Employment measure of the underlying growth in average earnings was, at 10 per cent, higher than at any period since the 1979‐80 pay explosion. Following the invasion of Kuwait there were considerable dangers that cost pressures would initiate a wage‐price spiral. In the event the hike in oil prices had only a small and temporary effect on headline inflation rates, which was more than offset by deflationary pressures resulting from the worse‐than‐expected economic downturn. In addition, UK entry to the ERM in October meant a major shift in the conduct of economic policy. The need to maintain the pound at its high central parity introduced extra discipline into pay‐bargaining by ruling out the accommodation of uncompetitive wage rises through dep

ISSN:0140-489X    

DOI:10.1111/j.1468-0319.1991.tb00613.x

出版商:Blackwell Publishing Ltd    

年代:1991

数据来源: WILEY