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Excess Demand And Expectations Influences On Price Changes In Australian Manufacturing Industry

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  • Hall, V.B.

Abstract

Data from the quarterly ‘Survey of Industrial Trends in Australia’ have been used to evaluate whether various excess demad and expectations influences have significantly effected reported price changes in Australian manufacturing industry. For the manufacturing sector, as a whole. both expected and unexpected changes in average unit costs have been important, but no explicit excess demand influence has been additionally significant at the I per cent level. For a majority of the indrutry categories tested, however, certain excess dgmand variables (involving. for example, finished goods inventories, unfilled orders. and industry operating rates) and various cost and inventory expectations variables have been significant.
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  • Hall, V.B., 1978. "Excess Demand And Expectations Influences On Price Changes In Australian Manufacturing Industry," Working Papers 24, University of Sydney, School of Economics.
    • Handle: RePEc:syd:wpaper:2123/7556
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    References listed on IDEAS

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    1. F. Rushdy & P. J. Lund, 1967. "The Effect of Demand on Prices in British Manufacturing Industry," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 34(4), pages 361-373.
    2. John A. Carlson, 1977. "A Study of Price Forecasts," NBER Chapters, in: Annals of Economic and Social Measurement, Volume 6, number 1, pages 27-56, National Bureau of Economic Research, Inc.
    3. Robert J. Gordon, 1975. "The Impact of Aggregate Demand on Prices," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 6(3), pages 613-670.
    4. Pagan, Adrian, 1974. "A Generalised Approach to the Treatment of Autocorrelation," Australian Economic Papers, Wiley Blackwell, vol. 13(23), pages 267-280, December.
    5. repec:bla:ecorec:v:52:y:1976:i:137:p:53-68 is not listed on IDEAS
    6. Keith Hancock, 1976. "The Relation Between Changes in Costs and Changes in Product Prices in Australian Manufacturing Industries 1949–50 to 1967–68," The Economic Record, The Economic Society of Australia, vol. 52(1), pages 53-68, March.
    7. repec:bla:econom:v:42:y:1975:i:166:p:123-38 is not listed on IDEAS
    8. Danes, Michael, 1975. "The Measurement and Explanation of Inflationary Expectations in Australia," Australian Economic Papers, Wiley Blackwell, vol. 14(24), pages 75-87, June.
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    Cited by:

    1. Harry Bloch & Michael Olive, 1999. "Cyclical and Competitive Influences on Pricing in Australian Manufacturing," The Economic Record, The Economic Society of Australia, vol. 75(3), pages 268-279, September.
    2. Freebairn, John W., 1984. "Farm and Retail Food Prices," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 52(02), pages 1-20, August.
    3. David Shepherd & Ciaran Driver, 2003. "Inflation and Capacity Constraints in Australian Manufacturing Industry," The Economic Record, The Economic Society of Australia, vol. 79(245), pages 182-195, June.

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