Trend in the international terms of trade between primary producers and manufacturers
Movements in the terms of trade between primary producers and manufacturers are analyzed using a model that introduces the influence of relative wage movements in the primary and manufacturing sectors as well as the influence of mark-up pricing in manufacturing. The model is estimated using data on the relative price of primary commodities and manufactured goods in international trade during the post-World War II (WWII) period. A decline in wages of primary-sector workers relative to those of workers in manufacturing and a rise in manufacturing margins are both estimated to have reduced the terms of trade for primary producers. However, expansion of manufacturing output is estimated to have a positive impact that has more than offset the negative influences during periods of moderate to strong growth.
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Volume (Year): 8 (1996)
Issue (Month): 1 ()
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- R. J. Ball & E. B. A. St Cyr, 1966. "Short Term Employment Functions in British Manufacturing Industry," Review of Economic Studies, Oxford University Press, vol. 33(3), pages 179-207.
- Harry Bloch & David Sapsford, 1992.
"Postwar Movements in Prices of Primary Products and Manufactured Goods,"
Journal of Post Keynesian Economics,
M.E. Sharpe, Inc., vol. 14(2), pages 249-266, January.
- Bloch, H. & Sapsford, D., 1991. "Post-War Movements in Prices of Primary Products and Manufactured Goods," Papers 1991-03, Tasmania - Department of Economics.