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Further Evidence from Survey Data on Australian Manufacturing Price Changes

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  • V. B. HALL
  • PETER SAUNDERS

Abstract

Three data sets from two different quarterly surveys have been used in estimating six standard models of price change behaviour. Results for Total Manufacturing Industry, for all three data sets, show prices respond to both actual cost movements and commodity market excess demand conditions. For most ASIC two‐digit industries, prices respond rapidly to actual cost movements, and for many industries they also respond directly to excess demand conditions. No single excess demand measure is appropriate for all industries. The magnitude of orders and inventories influences is very small, but capacity utilization contributions seem far from trivial. Industry results are frequently sensitive to the survey used and/or to the method used to weight individual firm's responses.

Suggested Citation

  • V. B. Hall & Peter Saunders, 1984. "Further Evidence from Survey Data on Australian Manufacturing Price Changes," The Economic Record, The Economic Society of Australia, vol. 60(1), pages 68-84, March.
    • Handle: RePEc:bla:ecorec:v:60:y:1984:i:1:p:68-84
    DOI: 10.1111/j.1475-4932.1984.tb00839.x
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    References listed on IDEAS

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    1. Saunders, Peter G, 1980. "Price and Cost Expectations in Australian Manufacturing Firms," Australian Economic Papers, Wiley Blackwell, vol. 19(34), pages 46-67, June.
    2. Mills, Terence C, 1981. "Modelling the Formation of Australian Inflation Expectations," Australian Economic Papers, Wiley Blackwell, vol. 20(36), pages 150-160, June.
    3. Hancock, Keith, 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(137), pages 53-68, March.
    4. McCallum, B T, 1974. "Competitive Price Adjustments: An Empirical Study," American Economic Review, American Economic Association, vol. 64(1), pages 56-65, March.
    5. B. T. McCallum, 1970. "The Effect of Demand on Prices in British Manufacturing: Another View," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 37(1), pages 147-156.
    6. Hall, V.B., 1977. "PRICING BEHAVIOUR IN AUSTRALIAN MANUFACTURING INDUSTRY: Hypothesis Testing 1955-56 to 1967-68," Working Papers 22, University of Sydney, School of Economics.
    7. 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.
    8. 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.
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    Cited by:

    1. Harry Bloch, 1992. "Pricing in Australian Manufacturing," The Economic Record, The Economic Society of Australia, vol. 68(4), pages 365-376, December.
    2. 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.
    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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