Global Influences on UK Manufacturing Prices 1970-2000
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Date
2001-10
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Melbourne Authors
Affiliation
Economics and Commerce: Department of Economics
Document Type
Preprint
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Citation
Coutts, Ken and Norman, Neville R. (2001) Global Influences on UK Manufacturing Prices 1970-2000.
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Open Access
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Abstract
This paper presents substantial new evidence on the competitive process that links together industrial economics and international economics. Our time-series data base concerns manufactured product prices and their domestic and international determinants. We identify cointegrating relationships, using single equation and multivariate methods. We find that both market imperfections, largely ignored in international economics, and international factors, mostly neglected in industrial economics,should be jointly incorporated into pricing analysis. The significance of global factors varies markedly: differentiated-product sectors respond little to foreign price signals. Our findings are relevant to many fields within economics, including the transmission of inflation.
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Keywords
prices, industrial economics, international economics, product prices, JEL Classification: C32 Time-Series Models, D43 Oligopoly and Other Forms of Market Imperfection, F14 Country and Industry Studies of Trade, L10 Market Structure, Firm Strategy, Market Performance, L60: Industry Studies, Manufacturing