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Global Influences on UK Manufacturing Prices

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Author Info
Coutts, K.
Norman, N.R.

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Abstract

This paper presents substantial new evidence on the competitive process that links together industrial economic and international economics. Our time-series data base concerns manufactured product prices and their domestic and international determinants. We identity cointegrating relationships, using single equation and multivariate methods. We find that both market imperfections, largely ignored in international economics, and international factors, mostly neglected in industrial economics, should be jointly incorporated into pricing analysis. The significance of global factors varies markedly: differentiated-product sectors respond little to foreign price signals. Our findings are relevant to many fields within economics, including the transmission of inflation.

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Publisher Info
Paper provided by Faculty of Economics, University of Cambridge in its series Cambridge Working Papers in Economics with number 0117.

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Length: 39
Date of creation: Nov 2001
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Handle: RePEc:cam:camdae:0117

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Web page: http://www.econ.cam.ac.uk/index.htm

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Related research
Keywords: industrial pricing; international competition; cointegration;

Find related papers by JEL classification:
C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions
D43 - Microeconomics - - Market Structure and Pricing - - - Oligopoly and Other Forms of Market Imperfection
F14 - International Economics - - Trade - - - Country and Industry Studies of Trade
L10 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - General
L60 - Industrial Organization - - Industry Studies: Manufacturing - - - General

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References listed on IDEAS
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  1. Pesaran, M. H. & Smith, Ron P., 1998. "Structural Analysis of Cointegrating VARs," Cambridge Working Papers in Economics 9811, Faculty of Economics, University of Cambridge.
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  2. Pesaran, M. H. & Shin, Y. & Smith, R. J., 1996. "Testing for the 'Existence of a Long-run Relationship'," Cambridge Working Papers in Economics 9622, Faculty of Economics, University of Cambridge.
  3. Godley, Wynne A H & Nordhaus, William D, 1972. "Pricing in the Trade Cycle," Economic Journal, Royal Economic Society, vol. 82(327), pages 853-82, September. [Downloadable!] (restricted)
  4. Paul Krugman, 1982. "Trade in Differentiated Products and the Political Economy of Trade Liberalization," NBER Chapters, in: Import Competition and Response, pages 197-222 National Bureau of Economic Research, Inc. [Downloadable!]
  5. Menon, Jayant, 1995. " Exchange Rate Pass-Through," Journal of Economic Surveys, Blackwell Publishing, vol. 9(2), pages 197-231, June.
  6. Johansen, Soren, 1991. "Estimation and Hypothesis Testing of Cointegration Vectors in Gaussian Vector Autoregressive Models," Econometrica, Econometric Society, vol. 59(6), pages 1551-80, November. [Downloadable!] (restricted)
  7. Muellbauer, John, 1991. "Productivity and Competitiveness," Oxford Review of Economic Policy, Oxford University Press, vol. 7(3), pages 99-117, Autumn.
  8. Norman, Neville R, 1975. "On the Relationship between Prices of Home-Produced and Foreign Commodities," Oxford Economic Papers, Oxford University Press, vol. 27(3), pages 426-39, November. [Downloadable!] (restricted)
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This page was last updated on 2009-12-13.

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