摘要：This paper analyses the interplay of capacity utilisation, capacity constraints, de-
mand constraints and price adjustments, employing a unique rm-level data set for
Swiss manufacturing rms. Theoretically, capacity constraints limit the ability of
rms to expand production in the short run and lead to increases in prices. Our re-
sults show that, on the one hand, price increases are more likely during periods when
rms are faced with capacity constraints. Constraints due to the shortage of labour,
in particular, lead to price increases. On the other hand, we also nd evidence that
rms are not reluctant to reduce prices in response to demand constraints. At the
macro level, the implied capacity-utilisation Phillips curve has a convex shape during
periods of excess demand and a concave shape during periods of excess supply. Our
results are robust to the inclusion of proxies for changes in costs and the competitive
position of rms.
