Traded Goods, Competitiveness and Aggregate Fluctuations in the United Kingdom
AbstractThis paper presents an investigation of the relations between wage adjustment, competitiveness, and aggregate fluctuations in the United Kingdom. It uses a real business cycle model based on the distinction between internationally traded and nontraded goods. The traded goods sector is assumed a price taker, and the focus is on the supply side. The model can account quite well for fluctuations in competitiveness, output, wages, and the terms of trade. The results suggest output flexibility and wage-price rigidity, a combination that produces interesting patterns of macroeconomic adjustment, which parallel the predictions of more traditional Keynesian models. Copyright 1990 by Royal Economic Society.
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Bibliographic InfoArticle provided by Royal Economic Society in its journal The Economic Journal.
Volume (Year): 100 (1990)
Issue (Month): 399 (March)
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Other versions of this item:
- Alogoskoufis, George, 1988. "Traded Goods, Competitiveness and Aggregate Fluctuations in the United Kingdom," CEPR Discussion Papers 256, C.E.P.R. Discussion Papers.
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- Milas, Costas, 1999. "Labor Market Decisions and Greek Manufacturing Competitiveness," Journal of Policy Modeling, Elsevier, vol. 21(4), pages 505-513, July.
- Gabriella Legrenzi & Costas Milas, 2005.
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- Milas Costas & Legrenzi Gabriella, 2006. "Non-linear Real Exchange Rate Effects in the UK Labour Market," Studies in Nonlinear Dynamics & Econometrics, De Gruyter, vol. 10(1), pages 1-34, March.
- Gabriella Legrenzi & Costas Milas, 2005. "Non-linear real exchange rate effects in the UK labour market," Keele Economics Research Papers KERP 2005/08, Centre for Economic Research, Keele University.
- Gabriella Legrenzi & Costas Milas, 2004. "Non-linear real exchange rate effects in the UK labour market," International Finance 0411007, EconWPA.
- Gottfries, N., 1999.
"Market Shares, Financial Constraints, and Pricing Behavior in the Export Market,"
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- Gottfries, Nils, 2002. "Market Shares, Financial Constraints and Pricing Behaviour in the Export Market," Economica, London School of Economics and Political Science, vol. 69(276), pages 583-607, November.
- Gottfries, Nils, 1999. "Markets Shares, Financial Constraints, and Pricing Behavior in the Export Market," Working Paper Series 1999:15, Uppsala University, Department of Economics.
- Christopher Martin & Michael Arghyrou & Costas Milas, 2004. "Nonlinear inflation dynamics: evidence from the UK," Money Macro and Finance (MMF) Research Group Conference 2003 59, Money Macro and Finance Research Group.
- Milas, C., 2003. "Non-linear multivariate adjustment of the UK real exchange rate," Working Papers 03/08, Department of Economics, City University London.
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