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- Title
Price Dynamics in UK Manufacturing: A Microeconomic View.
- Authors
Geroski, P.A.
- Abstract
This paper examines the response of prices to cost and demand shocks in 75 three 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 labour 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.
- Subjects
UNITED Kingdom; PRICES; MANUFACTURED products; INDUSTRIAL laws &; legislation; LABOR supply; LABOR economics
- Publication
Economica, 1992, Vol 59, Issue 236, p403
- ISSN
0013-0427
- Publication type
Article
- DOI
10.2307/2554887