European Parliament Library

U.K. Inflation and Relative Prices over the Last Decade :, How Important was Globalization?, Benjamin Hunt

In this paper, the IMF's new Global Economy Model (GEM) is used to estimate the relative importance of a number of factors argued to explain the differences in the trends in core inflation and relative prices in the United Kingdom, the Euro Area and the United States. The simulation results indicate that while the direct effect of globalization has had a larger effect in the United Kingdom than in either the United States or the Euro Area, it explains only a portion of the developments and U.K. specific factors played an important role
Table Of Contents
Contents; I. Introduction; II. An Overview of The Global Economic Model; A. Households; B. Firms; C. Government; D. Parameterization; Tables; 1. Key Steady State Calibration; III. Theory and Evidence; A. Inflation and Relative Prices; Figures; 1. Inflation Stylized Facts; B. Productivity and Trade; 2. Real GDP and Labor Productivity Growth; 2. Average Annual Labor Productivity Growth 1995 to 2004; 3. Share of Imports Coming from Emerging Asia; C. Changes in the Composition of Demand; D. Sterling Appreciation; 4. Public Demand; E. Efficiency Gains in the U.K. Distribution Sector; 5. Sterling
Literary Form
non fiction
Description based upon print version of record
Physical Description
1 online resource (30 p.)
Specific Material Designation
Form Of Item

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