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Price Dynamics in UK Manufacturing: A Microeconomic View

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  • Geroski, P A

Abstract

This paper examines the response of prices to cost and demand shocks in seventy-five three-digit and four-digit industries in the United Kingdom during the 1980s. The results suggest that prices responded sluggishly to costs but virtually not at all to demand; the short-run response to materials and fuel shocks was much larger than the response to unit labor cost shocks and some of this difference persisted.into the long run; prices responded more sluggishly to cost and demand shocks when aggregate inflation was lower; and, finally, pricing dynamics were more sluggish in less competitive industries. Copyright 1992 by The London School of Economics and Political Science.

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Bibliographic Info

Article provided by London School of Economics and Political Science in its journal Economica.

Volume (Year): 59 (1992)
Issue (Month): 236 (November)
Pages: 403-19

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Handle: RePEc:bla:econom:v:59:y:1992:i:236:p:403-19

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Cited by:
  1. Fernando Martins, 2013. "Survey evidence on price and wage rigidities in Portugal," Working Papers w201312, Banco de Portugal, Economics and Research Department.
  2. Kylie Rochford, 2010. "Those who stayed loyal: An empirical examination of New Zealand manufacturers surviving in a global market," Journal of Enterprising Communities: People and Places in the Global Economy, Emerald Group Publishing, vol. 4(4), pages 346-371, November.
  3. Druant, Martine & Fabiani, Silvia & Kezdi, Gabor & Lamo, Ana & Martins, Fernando & Sabbatini, Roberto, 2012. "Firms' price and wage adjustment in Europe: Survey evidence on nominal stickiness," Labour Economics, Elsevier, vol. 19(5), pages 772-782.
  4. Daniel Levy & Georg Mueller & Haipeng (Allan) Chen & Mark Bergen & Shantanu Dutta, 2008. "Holiday Price Rigidity and Cost of Price Adjustment," Emory Economics 0802, Department of Economics, Emory University (Atlanta).
  5. Heiner Mikosch, 2012. "Sticky Prices, Competition and the Phillips Curve," KOF Working papers 11-294, KOF Swiss Economic Institute, ETH Zurich.
  6. Dias, D. & Dossche, M. & Gautier, E. & Hernando, I. & Sabbatini , R. & Stahl , H. & Vermeulen, P., 2007. "Macro Price setting in the euro area: Some stylised facts from Individual Producer Price," Working papers 164, Banque de France.
  7. Georg Müller & Mark Bergen & Shantanu Dutta & Daniel Levy, 2007. "Non-price rigidity and cost of adjustment," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 28(7), pages 817-832.
  8. Torben Andersen & Niels Hansen, 1995. "Price adjustment in open economies," Open Economies Review, Springer, vol. 6(4), pages 303-321, October.
  9. Simon Hall & Mark Walsh & Anthony Yates, 1997. "How do UK companies set prices?," Bank of England working papers 67, Bank of England.
  10. Nicoletta Batini & Brian Jackson & Stephen Nickell, 2002. "The Pricing Behaviour of UK Firms," Discussion Papers 09, Monetary Policy Committee Unit, Bank of England.
  11. Álvarez, Luis J. & Hernando, Ignacio, 2005. "The price setting behaviour of Spanish firms: evidence from survey data," Working Paper Series 0538, European Central Bank.
  12. Garrod, Luke, 2012. "Collusive price rigidity under price-matching punishments," International Journal of Industrial Organization, Elsevier, vol. 30(5), pages 471-482.
  13. Paul Downward & Frederick Lee, . "Post Keynesian Pricing Theory `Reconfirmed'(?) A Critical Review of `Asking About Prices'," Working Papers 98-13, Staffordshire University, Business School.

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