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.
|Number of pages||15|
|Publication status||Published - 2004|
- business cycle