ABSTRACT
| Published date | 01 February 1995 |
| DOI | http://doi.org/10.1111/j.1468-0084.1995.tb00023.x |
| Date | 01 February 1995 |
OXFORD
ECONOMICS
BULLETIN
and
STATllSTICS
Volume
57
February
1995
No.1
OXFORD
BULLETIN
OF
ECONOMICS
AND
STATISTICS,
57.
I
(1YY5)
0305-9049
ABSTRACTS
Job
Creation and
Job
Destruction in the
UK
Manufacturing Sector
Jozef Konings
This paper uses
a
panel of
993
UK manufacturing companies to analyze a
pattern of gross job creation and gross job destruction during the
1970's
and
early
1980s.
At any point in time and even within narrowly defined sectors
gross job creation and
gross
job destruction coexist. Job creation and job
destruction are inversely related and
gross
job
reallocation, the sum
of
the
two,
is
counter-cyclic.
Gross
job
destruction is more variable than gross job
creation over the cycle. The idiosyncratic component of gross
job
flows is
substantial. However,
it
is predominantly aggregate and sectoral shocks
which explain the main fraction
of
the total time variation
of
gross
job flows.
We compare the reported findings with those
of
the US manufacturing sector
and conclude that although the magnitude
of
gross
job flows
in
lower
in
the
UK, the cyclical properties are very similar. Finally,
in
the light
of
the
reported results, we discuss a number of anomalies
of
existing theory and
point
out
new theories explaining the observed pattern of job creation and
job
destruction.
Price, Marginal Cost and the Business
Cycle
Jonathan
Haskel,
Christopher Martin and Ian Small
We estimate mark-ups of price over marginal cost for UK manufacturing,
based
on
the approach of Hall
(
1988).
We also extend his method to allow for
varying mark-ups
over
industries and the cycle. Using data
of
16
two-digit
industries,
1968-89,
we
find:
(a) the average mark-up in UK manufacturing is
2.00,
(b) mark-ups are procyclical,
(c) mark-ups are higher in more concentrated industries.
1
Q
Basil Blackwell
Ltd.
1995.
Published
by
BIackwell
Publishers,
108
Cowky
Road.
Oxford
OX4
IJF,
UK
&
238
Main
Street,
Cambridge,
MA
02142,
USA.
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