Relative Prices, Real Wages, and Macroeconomic Policies: Some Evidence from Manufacturing in Japan and the United Kingdom
International Monetary Fund (IMF)
IMF Staff Papers Vol. 31 No. 2
The effects of the oil price shocks of the 1970s were critically contingent on the domestic arrangements that determined the incidence of the shocks--specifically whether labor income or capital income bore the brunt. This differed between the two shocks in some countries and differed between countries. This paper focuses on two cases--Japan and the UK--on the structure of production, and on the incidence of the shocks to explain the very different macroeconomic effects of the oil price shocks.
Keywords: Relative Prices, Real Wages, Macroeconomic Policies
JEL Classification: E24, E60, E64, F41working papers series
Date posted: June 17, 2009 ; Last revised: June 29, 2009
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