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Explaining Tradable and Non-tradable Prices in the U.K

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  • Melliss, C L

Abstract

A marked divergence in inflation rates between the tradable and nontradables sectors has been a feature of some European Union economies, notably Italy, Spain, and the United Kingdom, since the early 1980s. This paper sets out a theoretical framework, which treats as alternatives the assumptions that firms in the tradable sector are price-takers or imperfectly competitive. Sectoral differences in productivity, technology and earnings, international competitive pressures--perhaps linked to ERM membership, and government demand are reasons which theory suggests may account for these divergences. Empirical estimates of sectoral price equations are presented for the United Kingdom, using especially constructed RPI based series. Copyright 1996 by Blackwell Publishers Ltd and The Victoria University of Manchester

Suggested Citation

  • Melliss, C L, 1996. "Explaining Tradable and Non-tradable Prices in the U.K," The Manchester School of Economic & Social Studies, University of Manchester, vol. 64(3), pages 241-268, September.
  • Handle: RePEc:bla:manch2:v:64:y:1996:i:3:p:241-68
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