G. C. Lim () (Melbourne Institute of Applied Economic and Social Research, The University of Melbourne) R. Dixon (Department of Economics, The University of Melbourne) Sarantis Tsiaplias () (Melbourne Institute of Applied Economic and Social Research, The University of Melbourne)
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A time-varying Phillips curve was estimated as a means to examine the changing nature of the negative relationship between wage inflation and the unemployment rate in Australia. The implied equilibrium unemployment rate was generated and the analysis showed the important role played by variations in the slope of the Phillips curve (and thus in real wage rigidity) in changing the equilibrium unemployment rate. The deviations of actuals from the estimated equilibrium unemployment rates also performed well as measures of inflationary pressures.
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Paper provided by Melbourne Institute of Applied Economic and Social Research, The University of Melbourne in its series Melbourne Institute Working Paper Series with number
wp2008n21.
Length: 28 pages Date of creation: Oct 2008 Date of revision: Handle: RePEc:iae:iaewps:wp2008n21
Contact details of provider: Postal: Melbourne Institute of Applied Economic and Social Research, The University of Melbourne, Victoria 3010 Australia Phone: +61 3 8344 2100 Fax: +61 3 8344 2111 Email: Web page: http://www.melbourneinstitute.com/ More information through EDIRC
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