Excess Demand and ExDectations Influences on Price Changes in Australian Manufacturing Industry*

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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