01864cas a2200253 a 4500 AALejournalIMF009179 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451922653 1018-5941 BD-DhAAL BD-DhAAL Prasad, Eswar. Shocks and Structural Breaks : Labor Market Reforms in the United Kingdom / Eswar Prasad, Ramana Ramaswamy. Washington, D.C. : International Monetary Fund, 1994. 1 online resource (30 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper analyzes the effects of the labor market reforms launched in the early 1980s by the Conservative government led by Mrs. Thatcher. It is argued that the increase in the growth of labor productivity in manufacturing after 1980 as well as the improvement in the responsiveness of employment to variations in output can be largely attributed to the success of the reforms in reducing industrial disputes and removing a number of structural impediments in the labor market. However, the reforms did not succeed in moderating real wage growth or improving the tradeoff between wage inflation and unemployment. This is attributed to certain aspects of the wage bargaining system and the influence of relative wage norms in the process of wage determination. Mode of access: Internet Ramaswamy, Ramana. IMF Working Papers; Working Paper ; No. 1994/152 Full text available on IMF http://elibrary.imf.org/view/journals/001/1994/152/001.1994.issue-152-en.xml IMF e-Library