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A Nation Divided? Price and Output Dynamics in English Regions

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  • David Fielding

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  • Kalvinder Shields

Abstract

In this paper we estimate a VECM model for inflation and output growth in different English regions, allowing for interactions between variables and between regions. The model permits the estimation not only of the degree of inter-regional correlation of price and output innovations, but also of the degree of heterogeneity in the dynamics of regional responses to these innovations. Although regional shocks are highly correlated, there is much more heterogeneity in regional responses to these shocks.

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File URL: http://www.le.ac.uk/economics/research/RePEc/lec/leecon/econ01-6.pdf
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Bibliographic Info

Paper provided by Department of Economics, University of Leicester in its series Discussion Papers in Economics with number 01/6.

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Date of creation: Oct 2001
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Handle: RePEc:lec:leecon:01/6

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Keywords: VECMs; Regional Models; Persistence Profiles;

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References

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  1. Salvador BARROS & Marius BRÜLHART & Robert J.R. ELLIOTT & Marianne SENSIER, 2001. "A Tale of Two Cycles: Co-Fluctuations Between UK Regions and the Euro Zone," Cahiers de Recherches Economiques du Département d'Econométrie et d'Economie politique (DEEP), Université de Lausanne, Faculté des HEC, DEEP 01.10, Université de Lausanne, Faculté des HEC, DEEP.
  2. Olivier Jean Blanchard & Danny Quah, 1988. "The Dynamic Effects of Aggregate Demand and Supply Disturbance," Working papers, Massachusetts Institute of Technology (MIT), Department of Economics 497, Massachusetts Institute of Technology (MIT), Department of Economics.
  3. S. Levtchenkova & A. R. Pagan & J. C. Robertson, 1998. "Shocking Stories," Journal of Economic Surveys, Wiley Blackwell, Wiley Blackwell, vol. 12(5), pages 507-532, December.
  4. Michael Funke & Stephen Hall, 1998. "Aggregate demand and aggregate supply in UK regions," Journal of Economic Studies, Emerald Group Publishing, Emerald Group Publishing, vol. 25(4), pages 260-276, September.
  5. Pesaran, M. H. & Pierse, R. G. & Lee, K. C., 1993. "Persistence, cointegration, and aggregation : A disaggregated analysis of output fluctuations in the U.S. economy," Journal of Econometrics, Elsevier, Elsevier, vol. 56(1-2), pages 57-88, March.
  6. Rosella Giacometti & Dino Pinelli, 1999. "Asymmetric Shocks and Long-Run Economic Performances across Italian Regions," Computing in Economics and Finance 1999, Society for Computational Economics 734, Society for Computational Economics.
  7. Lee, Kevin C & Pesaran, M Hashem & Pierse, Richard G, 1992. "Persistence of Shocks and Their," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 102(411), pages 342-56, March.
  8. Kevin Lee & Kalvinder Shields, . "Information, Business Survey Forecasts and Measurement of Output Trends in Six European Economies," Discussion Papers in European Economics, Department of Economics, University of Leicester 99/7, Department of Economics, University of Leicester.
  9. Alchian, Armen A & Klein, Benjamin, 1973. "On a Correct Measure of Inflation," Journal of Money, Credit and Banking, Blackwell Publishing, Blackwell Publishing, vol. 5(1), pages 173-91, Part I Fe.
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Cited by:
  1. S Barrios & M Brülhart & R J R Elliott & M Sensier, 2002. "A Tale of Two Cycles: Co-fluctuations Between UK Regions and the Euro Zone," Centre for Growth and Business Cycle Research Discussion Paper Series, Economics, The Univeristy of Manchester 03, Economics, The Univeristy of Manchester.
  2. Peter Hayes, 2005. "Estimating UK regional price indices, 1974-96," Regional Studies, Taylor & Francis Journals, Taylor & Francis Journals, vol. 39(3), pages 333-344.

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