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Growth, Commodity Prices, Inflation and the Distribution of Income

Author

Listed:
  • Harry Bloch

    (Curtin University of Technology, Australia)

  • Michael Dockery
  • Wyn Morgan
  • David Sapsford

    (Management School, University of Liverpool, UK)

Abstract

A primary commodity price boom is underway. Given the role of internationally traded primary commodities as inputs into the productive process in the industrialized world, an important question arises: namely what effects will this price‐boom exert upon wage and price inflation in industrialized countries? In order to address this question, we specify and estimate a system of equations in which the key dependent variables are world commodity prices, the domestic inflation rate for finished goods and the rate of domestic industrial wage inflation. This model is estimated against data for each of three major industrialized countries: Japan, the UK and the USA and the implications of the results thus obtained are explored.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Harry Bloch & Michael Dockery & Wyn Morgan & David Sapsford, 2004. "Growth, Commodity Prices, Inflation and the Distribution of Income," Working Papers 200404, University of Liverpool, Department of Economics.
    • Handle: RePEc:liv:livedp:200404
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    File URL: http://www.liv.ac.uk/managementschool/research/working%20papers/wp200404.pdf
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    References listed on IDEAS

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    9. Harry Bloch & Michael Olive, 2001. "Pricing over the Cycle," Review of Industrial Organization, Springer;The Industrial Organization Society, vol. 19(1), pages 99-108, August.
    10. H. Sonmez Atesoglu, 1997. "A Post Keynesian Explanation of U.S. Inflation," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 19(4), pages 639-649, July.
    11. Harry Bloch & A. Michael Dockery & David Sapsford, 2004. "Commodity prices, wages, and U.S. inflation in the twentieth century," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 26(3), pages 523-545.
    12. Nicholas Sarantis & Chris Stewart, 2000. "The ERM Effect, Conflict and Inflation in the European Union," International Review of Applied Economics, Taylor & Francis Journals, vol. 14(1), pages 25-43.
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    Cited by:

    1. Rod Tyers, 2015. "Service Oligopolies and Australia's Economy-Wide Performance," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 48(4), pages 333-356, December.
    2. Salisu, Afees A. & Adediran, Idris A. & Oloko, Tirimisiyu O. & Ohemeng, William, 2020. "The heterogeneous behaviour of the inflation hedging property of cocoa," The North American Journal of Economics and Finance, Elsevier, vol. 51(C).
    3. Eduardo F Bastian & Sébastien Charles & Jonathan Marie, 2024. "Inflation regimes and hyperinflation: a Post-Keynesian/structuralist typology," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 48(4), pages 681-708.
    4. Harry Bloch & A. Michael Dockery & David Sapsford, 2006. "Commodity Prices and the Dynamics of Inflation in Commodity‐Exporting Nations: Evidence from Australia and Canada," The Economic Record, The Economic Society of Australia, vol. 82(s1), pages 97-109, September.
    5. repec:hal:cepnwp:hal-03363240 is not listed on IDEAS

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