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Breinlich, Holger, Leromain, Elsa, Novy, Dennis and Sampson, Thomas (2022) The Brexit vote, inflation and UK living standards. International Economic Review, 63 (1). pp. 63-93. doi:10.1111/iere.12541 ISSN 0020-6598.
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Official URL: https://doi.org/10.1111/iere.12541
Abstract
This article studies how voting for Brexit affected living standards in the United Kingdom. Using heterogeneity in exposure to import costs across product groups, we analyze how the depreciation of sterling caused by the referendum affected consumer prices. We find that the Brexit depreciation led to higher inflation in product groups with greater import shares in consumer expenditure. Our results are consistent with complete pass-through of import costs to consumer prices and imply aggregate exchange rate pass-through of 0.29. We estimate the Brexit depreciation increased consumer prices by 2.9%, costing the average household £870 per year.
| Item Type: | Journal Article | ||||||||
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| Alternative Title: | |||||||||
| Subjects: | H Social Sciences > HC Economic History and Conditions | ||||||||
| Divisions: | Faculty of Social Sciences > Economics | ||||||||
| Library of Congress Subject Headings (LCSH): | Great Britain -- Economic conditions -- 20th century, Great Britain -- Foreign relations -- European Union countries, Great Britain -- Politics and government -- 2007-, Uncertainty, Cost and standard of living -- Great Britain | ||||||||
| Journal or Publication Title: | International Economic Review | ||||||||
| Publisher: | Wiley | ||||||||
| ISSN: | 0020-6598 | ||||||||
| Official Date: | February 2022 | ||||||||
| Dates: |
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| Volume: | 63 | ||||||||
| Number: | 1 | ||||||||
| Page Range: | pp. 63-93 | ||||||||
| DOI: | 10.1111/iere.12541 | ||||||||
| Status: | Peer Reviewed | ||||||||
| Publication Status: | Published | ||||||||
| Access rights to Published version: | Open Access (Creative Commons) | ||||||||
| Date of first compliant deposit: | 25 August 2021 | ||||||||
| Date of first compliant Open Access: | 13 October 2021 | ||||||||
| RIOXX Funder/Project Grant: |
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