Premium
MARKUP, RETURNS TO SCALE, THE BUSINESS CYCLE AND OPENNESS: EVIDENCE FROM AUSTRALIAN MANUFACTURING
Author(s) -
Olive Michael
Publication year - 2004
Publication title -
economic papers: a journal of applied economics and policy
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.245
H-Index - 19
eISSN - 1759-3441
pISSN - 0812-0439
DOI - 10.1111/j.1759-3441.2004.tb00352.x
Subject(s) - openness to experience , markup language , business cycle , allowance (engineering) , scale (ratio) , economics , returns to scale , business , production (economics) , function (biology) , industrial organization , econometrics , computer science , operations management , macroeconomics , xml , world wide web , geography , psychology , social psychology , cartography , evolutionary biology , biology
This paper aims to measure markup and returns to scale for eight Australian manufacturing industries, for the period 1971‐72 to 1984‐85, and to explore the relationship between markup, the business cycle and openness to the international economy in this period. A Hall type model is used for this purpose, where allowance is made for non‐stochastic time variation in the contribution of technical change to output growth and intermediate materials are included in the production function.