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Australian Unemployment in the Long Run, 1903-2007
journal contribution
posted on 2023-06-07, 21:33 authored by Sambit BhattacharyyaSambit Bhattacharyya, Timothy J HattonWe develop a two equation model of wage setting and unemployment, which we estimate on annual time series for Australia since Federation. Our model links the real wage level to productivity and to a set of wage pressure variables, while the unemployment rate is linked to the gap between the real wage and productivity and to demand side variables. We evaluate the contribution of different variables to the equilibrium unemployment rate for 19031941, 19421973 and 19742007. We also examine the effects on unemployment of several key policy-related episodes in wage regulation spread over the past century of labour market history.
History
Publication status
- Published
Journal
Economic RecordISSN
1475-4932External DOI
Issue
277Volume
87Page range
202-220Department affiliated with
- Economics Publications
Full text available
- No
Peer reviewed?
- Yes