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1998•Journal of Economic StudiesRequires access

Aggregate demand and aggregate supply in UK regions

Michael Funke, Stephen G. Hall

Open publisher page 9 citations

Abstract

UK regional data on GDP and the GDP deflator are analysed to extract information on underlying demand and supply shocks as well as aggregate demand and supply shocks. Identification is achieved using long run restrictions, based on a theoretical model. The main results are that the supply shocks are almost completely symmetric across UK regions and that there is no evidence of these shocks being propagated slowly across the regions.

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What this paper is about

UK regional data on GDP and the GDP deflator are analysed to extract information on underlying demand and supply shocks as well as aggregate demand and supply shocks. Identification is achieved using long run restrictions, based on a theoretical model. The main results are that the supply shocks are almost completely symmetric across UK regions and that there is no evidence of these shocks being propagated slowly across the regions.

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Available abstract

UK regional data on GDP and the GDP deflator are analysed to extract information on underlying demand and supply shocks as well as aggregate demand and supply shocks. Identification is achieved using long run restrictions, based on a theoretical model. The main results are that the supply shocks are almost completely symmetric across UK regions and that there is no evidence of these shocks being propagated slowly across the regions.

Key concepts: Aggregate supply, GDP deflator, Economics, Aggregate demand, Aggregate (composite), Supply shock, Demand shock, Econometrics

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