Inflation and Capacity Constraints in Australian Manufacturing Industry

David Shepherd and Ciaran Driver

The Economic Record, 2003, vol. 79, issue 245, 182-195

Abstract: In the present paper we estimate a model of price‐cost inflation for Australia using business survey responses of firms in the manufacturing sector. The data allow us to circumvent a number of key statistical problems, related in particular to the measurement of costs and structural changes in the model. Equally important, the data allow a new and more detailed perspective on the nature of supply constraints affecting inflation in the manufacturing sector. A new finding is that capital constraints have been more important in generating inflationary pressure than labour constraints or general indicators of capacity utilisation.

Date: 2003
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