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New Zealand Labour Market Dynamics: Pre- and Post-global Financial Crisis

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  • Weshah Razzak

    ()
    (The Treasury)

Abstract

A persistent increase in the unemployment rate ignites speculations about whether the changes to unemployment are structural or cyclical. The New Zealand economy has been through major restructuring since the mid-1980s. The labour market’s institutional changes were the last in the sequence of these reforms. As reforms began to take effect and expectations adjusted, unemployment in New Zealand has declined steadily and persistently since 1993-1994. Along the way, however, transitory increases in unemployment occurred. Major increases occurred after the Asian financial crisis and the global financial crisis with similar dynamics.

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Bibliographic Info

Paper provided by New Zealand Treasury in its series Treasury Working Paper Series with number 14/03.

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Length: 42
Date of creation: Feb 2014
Date of revision:
Handle: RePEc:nzt:nztwps:14/03

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Keywords: Natural Rate of Unemployment; Speed of adjustment of the New Zealand labour market; estimation;

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