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Traded Goods, Competitiveness and Aggregate Fluctuations in the United Kingdom

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  • Alogoskoufis, George S

Abstract

This paper presents an investigation of the relations between wage adjustment, competitiveness, and aggregate fluctuations in the United Kingdom. It uses a real business cycle model based on the distinction between internationally traded and nontraded goods. The traded goods sector is assumed a price taker, and the focus is on the supply side. The model can account quite well for fluctuations in competitiveness, output, wages, and the terms of trade. The results suggest output flexibility and wage-price rigidity, a combination that produces interesting patterns of macroeconomic adjustment, which parallel the predictions of more traditional Keynesian models. Copyright 1990 by Royal Economic Society.

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  • Alogoskoufis, George S, 1990. "Traded Goods, Competitiveness and Aggregate Fluctuations in the United Kingdom," Economic Journal, Royal Economic Society, vol. 100(399), pages 141-163, March.
    • Handle: RePEc:ecj:econjl:v:100:y:1990:i:399:p:141-63
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    Cited by:

    1. Lane, Philip R., 1997. "Inflation in open economies," Journal of International Economics, Elsevier, vol. 42(3-4), pages 327-347, May.
    2. Michael Arghyrou & Christopher Martin & Costas Milas, 2005. "Non-linear inflationary dynamics: evidence from the UK," Oxford Economic Papers, Oxford University Press, vol. 57(1), pages 51-69, January.
    3. Milas Costas & Legrenzi Gabriella, 2006. "Non-linear Real Exchange Rate Effects in the UK Labour Market," Studies in Nonlinear Dynamics & Econometrics, De Gruyter, vol. 10(1), pages 1-34, March.
    4. Milas, C., 2003. "Non-linear multivariate adjustment of the UK real exchange rate," Working Papers 03/08, Department of Economics, City University London.
    5. Gottfries, Nils, 1999. "Markets Shares, Financial Constraints, and Pricing Behavior in the Export Market," Working Paper Series 1999:15, Uppsala University, Department of Economics.
    6. Milas, Costas, 1999. "Labor Market Decisions and Greek Manufacturing Competitiveness," Journal of Policy Modeling, Elsevier, vol. 21(4), pages 505-513, July.
    7. Christopher Martin & Michael Arghyrou & Costas Milas, 2004. "Nonlinear inflation dynamics: evidence from the UK," Money Macro and Finance (MMF) Research Group Conference 2003 59, Money Macro and Finance Research Group.

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