Input Price Shocks and the Slowdown in Economic Growth: The Case of U.K. Manufacturing
理论和实证分析了投入品价格上涨对经济增长的影响，以1970年代英国制造业为例，发现投入品价格上升会导致产出和生产率短期下降，以及生产率增长、实际工资增长和资本积累的长期放缓。
This paper provides a theoretical and empirical analysis of the effects of input price shocks on economic growth, with a focus on United Kingdom manufacturing in the 1970s. The theoretical model predicts a discrete decline in output and productivity after an input price rise, and a longer-run slowdown in productivity growth, real wage growth, and capital accumulation. These features characterize the United Kingdom and most other OECD economies after 1973. The empirical results confirm the important role of input prices in recent U.K. adjustment, but also point to an important role for other supply and demand factors.