Price Dynamics in UK Manufacturing: A Microeconomic View
This paper examines the response of prices to cost and demand shocks in seventy-five three-digit and four-digit industries in the United Kingdom during the 1980s. The results suggest that prices responded sluggishly to costs but virtually not at all to demand; the short-run response to materials and fuel shocks was much larger than the response to unit labor cost shocks and some of this difference persisted.into the long run; prices responded more sluggishly to cost and demand shocks when aggregate inflation was lower; and, finally, pricing dynamics were more sluggish in less competitive industries. Copyright 1992 by The London School of Economics and Political Science.
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Volume (Year): 59 (1992)
Issue (Month): 236 (November)
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