Long-Run Shifts of the Beveridge Curve and the Frictional Unemployment Rate in Australia
AbstractThis paper examines the Beveridge Curve, the relationship between the unemployment and vacancy rates. Both variables are found to be non-stationary and not co-integrated which implies that the Beveridge Curve has been shifted over time by at least one non-stationary variable. We examine a number of shift variables which have been used in previous empirical work and find a number of co-integrating relationships one of which we identify as the Beveridge Curve. It is used (a) as a basis for the decomposition of changes in the unemployment rate over the sample period and (b) to compute the structural unemployment rate by setting the vacancy rate at the level at which output is at its potential.
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Bibliographic InfoArticle provided by Bankwest Curtin Economics Centre (BCEC), Curtin Business School in its journal Australian Journal of Labour Economics.
Volume (Year): 6 (2003)
Issue (Month): 1 (March)
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Postal: GPO Box U1987, Perth WA 6845
Web page: http://business.curtin.edu.au/research/publications/journals/ajle/
More information through EDIRC
Macroeconomics; Employment; Unemployment; Wages; Wage Mobility; Unemployment; and Vacancies;
Find related papers by JEL classification:
- E24 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution
- J69 - Labor and Demographic Economics - - Mobility, Unemployment, and Vacancies - - - Other
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- Marika Karanassou & Hector Sala, 2008.
"Labour Market Dynamics in Australia: What Drives Unemployment?,"
2008-26, School of Economics, The University of New South Wales.
- Marika Karanassou & Hector Sala, 2010. "Labour Market Dynamics in Australia: What Drives Unemployment?," The Economic Record, The Economic Society of Australia, vol. 86(273), pages 185-209, 06.
- Marika Karanassou & Hector Sala, 2009. "Labour Market Dynamics in Australia: What Drives Unemployment?," Working Papers 636, Queen Mary, University of London, School of Economics and Finance.
- Karanassou, Marika & Sala, Hector, 2009. "Labour Market Dynamics in Australia: What Drives Unemployment?," IZA Discussion Papers 3924, Institute for the Study of Labor (IZA).
- Reinhold Kosfeld & Christian Dreger & Hans-Friedrich Eckey, 2008. "On the stability of the German Beveridge curve: a spatial econometric perspective," The Annals of Regional Science, Springer, vol. 42(4), pages 967-986, December.
- Bonthuis, Boele & Jarvis, Valerie & Vanhala, Juuso, 2013. "What’s going on behind the euro area Beveridge curve(s)?," Working Paper Series 1586, European Central Bank.
- 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.
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