Relative Prices, Real Wages, and Macroeconomic Policies: Some Evidence from Manufacturing in Japan and the United Kingdom

IMF Staff Papers Vol. 31 No. 2

Posted: 17 Jun 2009 Last revised: 29 Jun 2009

See all articles by Leslie Lipschitz

Leslie Lipschitz

IMF Institute

Susan Schadler

International Monetary Fund (IMF)

Date Written: June 1984

Abstract

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, F41

Suggested Citation

Lipschitz, Leslie and Schadler, Susan, Relative Prices, Real Wages, and Macroeconomic Policies: Some Evidence from Manufacturing in Japan and the United Kingdom (June 1984). IMF Staff Papers Vol. 31 No. 2, Available at SSRN: https://ssrn.com/abstract=1420880

Leslie Lipschitz (Contact Author)

IMF Institute ( email )

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Washington, DC 20431
United States
202-623-8866 (Phone)

Susan Schadler

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

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