Price Information in an Open Economy: Theory and Evidence for the United Kingdom, 1951-1991
AbstractPrice formation is an increasingly important part of modern macroeconomics. However, the empirical literature on price-setting is diverse and confused. This paper uses cointegration techniques to test theories of price-setting on U.K. aggregate data for 1951-91. The author finds: (1) domestic prices are determined by both domestic costs and world prices and (2) at the macroeconomic level, prices are related to marginal cost rather than average or normal cost. Copyright 1997 by Royal Economic Society.
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Bibliographic InfoArticle provided by Royal Economic Society in its journal The Economic Journal.
Volume (Year): 107 (1997)
Issue (Month): 444 (September)
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Postal: Office of the Secretary-General, School of Economics and Finance, University of St. Andrews, St. Andrews, Fife, KY16 9AL, UK
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Web page: http://www.res.org.uk/
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