U.K. Inflation and Relative Prices Over the Last Decade: How Important was Globalization? (EPub)

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International Monetary Fund, Aug 1, 2007 - Business & Economics - 28 pages
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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.

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Key Steady State Calibration
Average Annual Labor Productivity Growth 1995 to 2004 Figures 1 Inflation Stylized Facts 2 Real GDP and Labor Productivity Growth
Share of Imports Coming from Emerging Asia
PublicDemand 5 Sterling
The 3Year Ahead Acceleration in GDP Growth in Emerging Asia
Simulation Analysis
Adding the WithinCountry Productivity
Adding the Increase in U K Public Sector Demand for Nontradables
Sterling Appreciation
Adding Improved Efficiency in U K Distribution
The Contributions to the Increase in U K Nontradables Prices

The Direct Effect of Globalization

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