Commodity Prices, Wages and US Inflation in the Twentieth Century
We consider the impact of primary commodity prices and wages on U.S. inflation in the context of markup pricing. We estimate separate equations for world commodity prices, wage rates, and domestic finished goods prices using annual data for 1900 to 2001. We find complete pass-through of commodity...
| Main Authors: | , , |
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| Format: | Journal Article |
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ME Sharpe
2004
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| Online Access: | http://hdl.handle.net/20.500.11937/11640 |
| _version_ | 1848747860098547712 |
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| author | Bloch, Harry Dockery, Alfred Michael Sapsford, D. |
| author_facet | Bloch, Harry Dockery, Alfred Michael Sapsford, D. |
| author_sort | Bloch, Harry |
| building | Curtin Institutional Repository |
| collection | Online Access |
| description | We consider the impact of primary commodity prices and wages on U.S. inflation in the context of markup pricing. We estimate separate equations for world commodity prices, wage rates, and domestic finished goods prices using annual data for 1900 to 2001. We find complete pass-through of commodity prices and wages into inflation of finished goods prices, with both input prices having a positive and statistically significant impact. Demand has a direct negative impact on finished goods prices, a delayed and temporary positive impact on wages (through the unemployment rate), and a strong positive impact on primary commodity prices. |
| first_indexed | 2025-11-14T06:55:51Z |
| format | Journal Article |
| id | curtin-20.500.11937-11640 |
| institution | Curtin University Malaysia |
| institution_category | Local University |
| last_indexed | 2025-11-14T06:55:51Z |
| publishDate | 2004 |
| publisher | ME Sharpe |
| recordtype | eprints |
| repository_type | Digital Repository |
| spelling | curtin-20.500.11937-116402018-04-05T05:14:33Z Commodity Prices, Wages and US Inflation in the Twentieth Century Bloch, Harry Dockery, Alfred Michael Sapsford, D. primary commodity prices inflation wages markup pricing We consider the impact of primary commodity prices and wages on U.S. inflation in the context of markup pricing. We estimate separate equations for world commodity prices, wage rates, and domestic finished goods prices using annual data for 1900 to 2001. We find complete pass-through of commodity prices and wages into inflation of finished goods prices, with both input prices having a positive and statistically significant impact. Demand has a direct negative impact on finished goods prices, a delayed and temporary positive impact on wages (through the unemployment rate), and a strong positive impact on primary commodity prices. 2004 Journal Article http://hdl.handle.net/20.500.11937/11640 ME Sharpe restricted |
| spellingShingle | primary commodity prices inflation wages markup pricing Bloch, Harry Dockery, Alfred Michael Sapsford, D. Commodity Prices, Wages and US Inflation in the Twentieth Century |
| title | Commodity Prices, Wages and US Inflation in the Twentieth Century |
| title_full | Commodity Prices, Wages and US Inflation in the Twentieth Century |
| title_fullStr | Commodity Prices, Wages and US Inflation in the Twentieth Century |
| title_full_unstemmed | Commodity Prices, Wages and US Inflation in the Twentieth Century |
| title_short | Commodity Prices, Wages and US Inflation in the Twentieth Century |
| title_sort | commodity prices, wages and us inflation in the twentieth century |
| topic | primary commodity prices inflation wages markup pricing |
| url | http://hdl.handle.net/20.500.11937/11640 |