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Inflation, Unemployment and the NAIRU in Australia

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  • Mark Crosby
  • Nilss Olekalns

Abstract

In this paper we investigate the relationship between inflation and unemployment in Australia, post 1959. We focus on two features of the data: firstly, we find that forecasting models are surprisingly through ou sample period. We also estimate the nonaccelaring inflation rate of unemployment (NAIRU), focussing on both the level of the NAIRU, and the stability and precision of our estimates. We find that estimates of the NAIRU range from as low as 2.3% to as high as 9.5% in Australia over this period.

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Bibliographic Info

Article provided by The University of Melbourne, Melbourne Institute of Applied Economic and Social Research in its journal The Australian Economic Review.

Volume (Year): 31 (1998)
Issue (Month): 2 ()
Pages: 117-129

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Handle: RePEc:bla:ausecr:v:31:y:1998:i:2:p:117-129

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Cited by:
  1. Dixon, R. & Shepherd, D., 2000. "Trends and Cycles in Australian State and Territory Unemployment Rates," Department of Economics - Working Papers Series 730, The University of Melbourne.
  2. Karanassou, Marika & Sala, Hector, 2009. "Labour Market Dynamics in Australia: What Drives Unemployment?," IZA Discussion Papers 3924, Institute for the Study of Labor (IZA).
  3. Meredith Beechey & P�R �Sterholm, 2008. "A Bayesian Vector Autoregressive Model with Informative Steady-state Priors for the Australian Economy," The Economic Record, The Economic Society of Australia, vol. 84(267), pages 449-465, December.
  4. Robert Dixon & John Freebairn & Emayenesh Seyoum-Tegegn, 2008. "State & Territory Beveridge Curvesand the National Equilibrium Unemployment Rate," Department of Economics - Working Papers Series 1033, The University of Melbourne.
  5. Oreste Napolitano & Alberto Montagnoli, 2010. "The European Unemployment Gap and the Role of Monetary Policy," Economics Bulletin, AccessEcon, vol. 30(2), pages 1346-1358.
  6. Ian M McDonald, 1997. "Discussion of 'The Debate on Alternatives for Monetary Policy in Australia'," RBA Annual Conference Volume, in: Philip Lowe (ed.), Monetary Policy and Inflation Targeting Reserve Bank of Australia.
  7. Nicolaas Groenewold & Sam Hak Kan Tang, 2001. "The Asian Financial Crisis and Natural Rate of Unemployment: Estimates from a Structural VAR for the Newly Industrializing Economies of Asia," Economics Discussion / Working Papers 01-12, The University of Western Australia, Department of Economics.
  8. Jeff Borland & Ian McDonald, 2000. "Labour Market Models of Unemployment in Australia," Melbourne Institute Working Paper Series wp2000n15, Melbourne Institute of Applied Economic and Social Research, The University of Melbourne.
  9. G.C. Lim & R. Dixon & S. Tsiaplias, 2009. "Phillips Curve and the Equalibrium Unemployment Rate," Department of Economics - Working Papers Series 1070, The University of Melbourne.
  10. Guy Debelle & James Vickery, 1997. "Is the Phillips Curve a Curve? Some Evidence and Implications for Australia," RBA Research Discussion Papers rdp9706, Reserve Bank of Australia.
  11. Robert Dixon & David Shepherd & James Thomson, 2001. "Regional Unemployment Disparities in Australia," Regional Studies, Taylor & Francis Journals, vol. 35(2), pages 93-102.
  12. David Shepherd & Robert Dixon, 2002. "The Relationship Between Regional and National Unemployment," Regional Studies, Taylor & Francis Journals, vol. 36(5), pages 469-480.

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