Electronic Resource
550 Swanston Street (PO Box 378) Carlton South, Victoria 3053 Australia
:
Blackwell Publishing Asia Pty Ltd
Pacific economic review
10 (2005), S. 0
ISSN:
1468-0106
Source:
Blackwell Publishing Journal Backfiles 1879-2005
Topics:
Economics
Notes:
Abstract. We provide empirical evidence on the dynamics of prices and wages in Hong Kong. The results suggest that the post-1997 deflation can be understood using a conventional macroeconomic framework wherein foreign influences constitute the basic underlying shocks, and adjustment processes in domestic wages and prices determine the details of the transmission mechanism. We find that the decline in local nominal prices owes much to declining prices of imported intermediate goods. The negative output gap and increase in unemployment during the deflation period also have their origin in foreign shocks, but the domestic wage adjustment process is an important contributing factor.
Type of Medium:
Electronic Resource
URL:
http://dx.doi.org/10.1111/j.1468-0106.2005.00268.x
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