BoE’s Haldane examines changing nature of work

Andrew Haldane
Andrew Haldane
Bank of England

The changing nature of work could be one factor behind the puzzling recent weakness in the relationship between unemployment and wages, the Bank of England’s (BoE) chief economist suggested in remarks on June 20.

The “reasonably strong” historical link between unemployment and wages, captured by the Phillips curve, has changed, Andy Haldane said during a visit to northern England. The curve has flattened, meaning even very low unemployment at present has not been enough to generate wage growth.

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