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U.K. Inflation and Relative Prices Over the Last Decade

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  • Ben Hunt
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    Abstract

    In this paper, the IMF''s new Global Economy Model (GEM) is used to estimate the relative importance of a number of factors argued to explain the differences in the trends in core inflation and relative prices in the United Kingdom, the Euro Area and the United States. The simulation results indicate that while the direct effect of globalization has had a larger effect in the United Kingdom than in either the United States or the Euro Area, it explains only a portion of the developments and U.K. specific factors played an important role.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 07/208.

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    Length: 28
    Date of creation: 01 Aug 2007
    Date of revision:
    Handle: RePEc:imf:imfwpa:07/208

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    Related research

    Keywords: Prices; Economic models; inflation; relative prices; relative price; price inflation; rational expectations; monetary economics; monetary policy; effective exchange rates; monetary authority; monetary fund; nominal interest rates; inflationary pressure; inflationary pressures; monetary policy frameworks; nominal interest rate; inflation dynamics; inflation process; monetary policy framework; monetary policy regime; inflation forecasts; real interest rates; inflation rates; price competitiveness; monetary policy rules; price deflation; inflation targeting;

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    1. Todd E. Clark, 2004. "An evaluation of the decline in goods inflation," Economic Review, Federal Reserve Bank of Kansas City, issue Q II, pages 19-51.
    2. Jose De Gregorio & Alberto Giovannini & Holger C. Wolf, 1993. "International Evidence on Tradables and Nontradables Inflation," Working Papers 93-17, New York University, Leonard N. Stern School of Business, Department of Economics.
    3. Douglas Laxton & Paolo Pesenti, 2003. "Monetary Rules for Small, Open, Emerging Economies," NBER Working Papers 9568, National Bureau of Economic Research, Inc.
    4. Chen, Natalie & Imbs, Jean & Scott, Andrew, 2004. "Competition, Globalization and the Decline of Inflation," CEPR Discussion Papers 4695, C.E.P.R. Discussion Papers.
    5. Smets, Frank & Wouters, Raf, 2002. "An estimated stochastic dynamic general equilibrium model of the euro area," Working Paper Series 0171, European Central Bank.
    6. David Brauer, 1993. "Why do services prices rise more rapidly than goods prices?," Research Paper 9330, Federal Reserve Bank of New York.
    7. David Bowman, 2003. "Market power and inflation," International Finance Discussion Papers 783, Board of Governors of the Federal Reserve System (U.S.).
    8. Laurence M. Ball, 2006. "Has Globalization Changed Inflation?," NBER Working Papers 12687, National Bureau of Economic Research, Inc.
    9. Ravi Balakrishnan & Sam Ouliaris, 2006. "U.S. Inflation Dynamics," IMF Working Papers 06/159, International Monetary Fund.
    10. Baumol, William J, 1972. "Macroeconomics of Unbalanced Growth: Reply," American Economic Review, American Economic Association, vol. 62(1), pages 150, March.
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    Cited by:
    1. Ben Hunt, 2009. "The Declining Importance of Tradable Goods Manufacturing in Australia and New Zealand," IMF Working Papers 09/16, International Monetary Fund.
    2. Andersson, Fredrik N. G., 2008. "Core Inflation - Why the Federal Reserve Got it Wrong," Working Papers 2008:19, Lund University, Department of Economics.

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