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Growth, Commodity Prices, Inflation and the Distribution of Income

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  • Harry Bloch

    ()
    (Curtin University of Technology, Australia)

  • Michael Dockery
  • Wyn Morgan
  • David Sapsford

    ()
    (Management School, University of Liverpool, UK)

Abstract

A primary commodity price boom is underway. Given the role of internationally traded primary commodities as inputs into the productive process in the industrialized world, an important question arises: namely what effects will this price-boom exert upon wage and price inflation in industrialized countries? In order to address this question, we specify and estimate a system of equations in which the key dependent variables are world commodity prices, the domestic inflation rate for finished goods and the rate of domestic industrial wage inflation. This model is estimated against data for each of three major industrialized countries: Japan, the UK and the USA and the implications of the results thus obtained are explored. Copyright � 2007 The Authors; Journal compilation � 2007 Blackwell Publishing Ltd.

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Bibliographic Info

Paper provided by University of Liverpool Management School in its series Research Papers with number 200404.

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Length: 34 pages
Date of creation: 2004
Date of revision:
Handle: RePEc:liv:livedp:200404

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Postal: Management School University of Liverpool, Chatham Street, Liverpool, L69 7ZH, Great Britain
Phone: +44(0)151 795 3108
Fax: +44(0)151 795 3004
Web page: http://www.liv.ac.uk/management/
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References

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  1. Nicholas Sarantis & Chris Stewart, 2000. "The ERM Effect, Conflict and Inflation in the European Union," International Review of Applied Economics, Taylor & Francis Journals, vol. 14(1), pages 25-43.
  2. Bloch, H., 1994. "International Competition and the Degree of Monopoly in Australian Manufacturing," Papers 1994-07, Tasmania - Department of Economics.
  3. Bloch, Harry & Sapsford, David, 1997. "Some estimates of Prebisch and Singer effects on the terms of trade between primary producers and manufacturers," World Development, Elsevier, vol. 25(11), pages 1873-1884, November.
  4. Harry Bloch & Michael Olive, 2001. "Pricing over the Cycle," Review of Industrial Organization, Springer, vol. 19(1), pages 99-108, August.
  5. Rowthorn, R E, 1977. "Conflict, Inflation and Money," Cambridge Journal of Economics, Oxford University Press, vol. 1(3), pages 215-39, September.
  6. Beccarello, Massimo, 1997. "Time series analysis of market power: Evidence from G-7 manufacturing," International Journal of Industrial Organization, Elsevier, vol. 15(1), pages 123-136, February.
  7. Domowitz, Ian & Hubbard, R Glenn & Petersen, Bruce C, 1988. "Market Structure and Cyclical Fluctuations in U.S. Manufacturing," The Review of Economics and Statistics, MIT Press, vol. 70(1), pages 55-66, February.
  8. Haskel, Jonathan & Martin, Christopher & Small, Ian, 1995. "Price, Marginal Cost and the Business Cycle," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 57(1), pages 25-41, February.
  9. Harry Bloch & A. Michael Dockery & David Sapsford, 2004. "Commodity prices, wages, and U.S. inflation in the twentieth century," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 26(3), pages 523-545, April.
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Cited by:
  1. A.F.M. Kamrul Hassan & Ruhul A. Salim, 2011. "Is there any Link Between Commodity Price and Monetary Policy? Evidence from Australia," Economic Analysis and Policy (EAP), Queensland University of Technology (QUT), School of Economics and Finance, vol. 41(3), pages 205-216, December.
  2. Rod Tyers & Lucy Rees, 2008. "Service Oligopolies and Australia's Economy-Wide Performance," ANU Working Papers in Economics and Econometrics 2008-490, Australian National University, College of Business and Economics, School of Economics.

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