Traded Goods, Competitiveness and Aggregate Fluctuations in the United Kingdom
Abstract
In this paper I investigate the relationships between wage adjustment, competitiveness, and aggregate fluctuations in the United Kingdom. This is done in the context of a model based on the distinction between internationally traded and nontraded goods, which is estimated and thoroughly tested. The traded goods sector is assumed to be a price-taker, and the focus is on the supply side. Competitiveness is defined as the relative price of traded to nontraded goods. The model can account quite well for fluctuations in UK competitiveness, output, wages and the terms of trade, and is used to examine the macroeconomic effects of a variety of disturbances. The results suggest that the UK economy is characterized by output flexibility and wage-price rigidity, a combination that produces patterns of macroeconomic adjustment which parallel the predictions of Keynesian demand-side models.Download Info
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Bibliographic Info
Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 256.Length:
Date of creation: Aug 1988
Date of revision:
Handle: RePEc:cpr:ceprdp:256
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Related research
Keywords: Competitiveness; Fluctuations; Traded Goods; United Kindom; Wages;Other versions of this item:
- Alogoskoufis, George S, 1990. "Traded Goods, Competitiveness and Aggregate Fluctuations in the United Kingdom," Economic Journal, Royal Economic Society, vol. 100(399), pages 141-63, March.
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Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.Cited by:
- Gottfries, N., 1999.
"Market Shares, Financial Constraints, and Pricing Behavior in the Export Market,"
Papers
1999:15, Uppsala - Working Paper Series.
- 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.
- Milas, Costas, 1999. "Labor Market Decisions and Greek Manufacturing Competitiveness," Journal of Policy Modeling, Elsevier, vol. 21(4), pages 505-513, July.
- José A. Herce & Simón Sosvilla-Rivero, . "Efectos Económicos de las Inversiones Ferroviarias, 1991-2007," Working Papers 2002-25, FEDEA.
- Gabriella Legrenzi & Costas Milas, 2004.
"Non-linear real exchange rate effects in the UK labour market,"
International Finance
0411007, EconWPA.
- 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, 2005. "Non-linear real exchange rate effects in the UK labour market," Macroeconomics 0507019, EconWPA.
- Milas, C., 2003. "Non-linear multivariate adjustment of the UK real exchange rate," Working Papers 03/08, Department of Economics, City University London.
- 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.
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