In this paper dynamic factor analysis techniques are used to decompose changes in unemployment into industry sectoral and common components. Sectoral shocks are important, but the dominant causes of variation in unemployment are common to all industries. This is particularly the case for low-frequency fluctuations in unemployment. The pattern of the estimated sectoral shocks reflects the well-documented shift of employment from agriculture and manufacturing to services, and we find no evidence that microeconomic reform has contributed greatly to unemployment. Copyright 2002 by The Economic Society of Australia.
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Article provided by The Economic Society of Australia in its journal The Economic Record.
Volume (Year): 78 (2002) Issue (Month): 243 (December) Pages: 433-42 Download reference. The following formats are available: HTML
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