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Structural Changes in Australian Manufacturing Industry

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  • TRAN VAN HOA

Abstract

The paper uses a neoclassical production function and historical data to test for structural stability in Australian manufacturing industry. The production function is an extended constant elasticity of substitution form in which factor substitution elasticity, returns to scale and market structure in output, capital and labour are testable hypotheses. Tests for structural changes in homogeneity and factor substitution elasticity relations are based on overall and individual tests of covariance analysis and also on a special version of the Swerling‐Kalman filtering systems as proposed by Cooley and Prescott. The empirical findings possess desirable statistical properties and indicate the existence of structural instability in the industry. The evidence also repudiates the assumptions of unitary factor substitution elasticity, constant returns to scale and market competitiveness in output and factors of production.

Suggested Citation

  • Tran Van Hoa, 1978. "Structural Changes in Australian Manufacturing Industry," The Economic Record, The Economic Society of Australia, vol. 54(3), pages 314-320, December.
    • Handle: RePEc:bla:ecorec:v:54:y:1978:i:3:p:314-320
    DOI: 10.1111/j.1475-4932.1978.tb01633.x
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    References listed on IDEAS

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    1. Laumas, Gurcharan S & Mehra, Y P, 1976. "The Stability of the Demand for Money Function: The Evidence from Qtrly Data," The Review of Economics and Statistics, MIT Press, vol. 58(4), pages 463-468, November.
    2. H. R. Edwards & N. T. Drane, 1963. "The Australian Economy, July 1963," The Economic Record, The Economic Society of Australia, vol. 39(87), pages 259-281, September.
    3. Cooley, Thomas F & Prescott, Edward C, 1976. "Estimation in the Presence of Stochastic Parameter Variation," Econometrica, Econometric Society, vol. 44(1), pages 167-184, January.
    4. Tran Van Hoa, 1969. "Market Imperfections and Increasing Returns to Scale in Australian Manufacturing Industry," The Economic Record, The Economic Society of Australia, vol. 45(2), pages 243-250, June.
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