A micro-based non-inflationary rate of capacity utilisation as a measure of inflationary pressure: evidence for Austria

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• 作者：Pirmin Fessler (1)
  Fabio Rumler (1)
  Gerhard Schwarz (2)
  
• 关键词：Capacity utilisation ; NIRCU ; New Keynesian Phillips Curve ; Survey data ; E31 ; E32 ; E52
• 刊名：Empirica
• 出版年：2014
• 出版时间：February 2014
• 年：2014
• 卷：41
• 期：1
• 页码：23-36
• 全文大小：373 KB
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• 作者单位：Pirmin Fessler (1)
  Fabio Rumler (1)
  Gerhard Schwarz (2)
  
  1. Economic Analysis Division, Oesterreichische Nationalbank, Otto Wagner Platz 3, 1090, Vienna, Austria
  2. Austrian Institute of Economic Research (WIFO), Arsenal, Objekt 20, 1030, Vienna, Austria
  
• ISSN：1573-6911

文摘

We derive a non-inflationary rate of capacity utilisation (NIRCU)鈥攁s recently proposed by K枚berl and Lein (Can J Econ 44:673鈥?94, 2011)鈥攂ased on a large Austrian firm-level panel dataset ranging from 1996 to 2011. By conditioning the current capacity utilisation of firms on their current and planned price adjustments, a micro-level NIRCU is defined as the level of capacity utilisation at which there is no need for the firm to adjust its prices. In contrast to other measures of inflationary pressure, this measure (1) is timely available without revisions and (2) does not imply any need for rather arbitrary methods or concepts such as statistical filtering or potential output. In accordance with the results in K枚berl and Lein (Can J Econ 44:673鈥?94, 2011), we find that the NIRCU performs well as a driving variable of Austrian inflation in various Phillips Curve estimations. Compared to other inflation driving variables, such as real unit labor cost, the output gap and the unemployment gap, it delivers reasonable parameter estimates which are in line with existing Phillips Curve estimations in the literature.