United Kingdom: Selected Issues

International Monetary Fund

No 2005/081, IMF Staff Country Reports from International Monetary Fund

Abstract: The Selected Issues paper examines the dynamics of the inflation process in the United Kingdom, particularly the influence of external shocks. The paper provides a brief summary of existing empirical work. It presents the expectations-augmented Phillips curve model used in the analysis. The basic conclusion is that low inflation in recent years can be explained reasonably well by a combination of increased competitive pressures. The paper also presents some estimates of the degree of possible overvaluation in housing prices and outlines the links between housing prices and the macroeconomy.

Keywords: ISCR; CR; house price; price; safety margin; inflation expectation; CPI inflation; asset-price fluctuation; Housing prices; Inflation; Housing; Asset prices; Consumption; Asia and Pacific; Global (search for similar items in EconPapers)
Pages: 82
Date: 2005-03-08
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Citations: View citations in EconPapers (5)

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