haku: @author Martin, C. / yhteensä: 30
viite: 5 / 30
| Tekijä: | Martin, C. |
| Otsikko: | Price formation in an open economy: theory and evidence for the United Kingdom, 1951-1991 |
| Lehti: | Economic Journal
1997 : SEP, VOL. 107:444, p. 1391-1404 |
| Asiasana: | ECONOMICS UNITED KINGDOM PRICES |
| Kieli: | eng |
| Tiivistelmä: | Price formation is an increasingly important part of modern macroeconomics. However, the empirical literature on price-setting is diverse and confused. This paper uses cointegration techniques to test theories of price-setting on UK aggregate data for 1951-91. The author finds: (i) domestic prices are determined by both domestic costs and world prices and (ii) at the macroeconomic level, prices are related to marginal cost rather than average or normal cost. |
SCIMA