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Trying to Understand Stagflation

Listed author(s):
  • Ian M. McDonald

After a brief account of some of the salient facts of Australia's recent economic experience, this paper reviews some explanations for the apparent failure of labour markets to clear in recession and then reviews some explanations for the fluctuations in the aggregate demand for labour. Next, some links between real wages and employment are examined. The paper concludes with a discussion of the implications for economic policy of the preceding analysis. Copyright 1984 The University of Melbourne, Melbourne Institute of Applied Economic and Social Research.

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File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1467-8462.1984.tb00452.x
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Article provided by The University of Melbourne, Melbourne Institute of Applied Economic and Social Research in its journal Australian Economic Review.

Volume (Year): 17 (1984)
Issue (Month): 3 ()
Pages: 32-56

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Handle: RePEc:bla:ausecr:v:17:y:1984:i:3:p:32-56
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  1. N. J. Ireland & D. J. Smyth, 1970. "The Specification of Short-Run Employment Models," Review of Economic Studies, Oxford University Press, vol. 37(2), pages 281-285.
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  8. Michael Bruno & Jeffrey Sachs, 1982. "Input Price Shocks and the Slowdown in Economic Growth: The Case of U.K. Manufacturing," Review of Economic Studies, Oxford University Press, vol. 49(5), pages 679-705.
  9. Farber, Henry S, 1978. "Individual Preferences and Union Wage Determination: The Case of the United Mine Workers," Journal of Political Economy, University of Chicago Press, vol. 86(5), pages 923-942, October.
  10. Jeffrey D. Sachs, 1979. "Wages, Profits, and Macroeconomic Adjustment: A Comparative Study," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 10(2), pages 269-332.
  11. Lucas, Robert Jr., 1972. "Expectations and the neutrality of money," Journal of Economic Theory, Elsevier, vol. 4(2), pages 103-124, April.
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  13. Azariadis, Costas, 1975. "Implicit Contracts and Underemployment Equilibria," Journal of Political Economy, University of Chicago Press, vol. 83(6), pages 1183-1202, December.
  14. Grossman, Sanford J & Hart, Oliver D, 1981. "Implicit Contracts, Moral Hazard, and Unemployment," American Economic Review, American Economic Association, vol. 71(2), pages 301-307, May.
  15. Rotemberg, Julio J, 1982. "Sticky Prices in the United States," Journal of Political Economy, University of Chicago Press, vol. 90(6), pages 1187-1211, December.
  16. Harcourt,G. C., 1972. "Some Cambridge Controversies in the Theory of Capital," Cambridge Books, Cambridge University Press, number 9780521096720, September.
  17. Hall, Robert E & Lilien, David M, 1979. "Efficient Wage Bargains under Uncertain Supply and Demand," American Economic Review, American Economic Association, vol. 69(5), pages 868-879, December.
  18. Corden, W M, 1981. "Taxation, Real Wage Rigidity and Employment," Economic Journal, Royal Economic Society, vol. 91(362), pages 309-330, June.
  19. Horne, Jocelyn & McDonald, Ian M, 1984. "Rational Expectations, Gradual Price Adjustment and Monetary Policy in Australia," Australian Economic Papers, Wiley Blackwell, vol. 23(42), pages 79-90, June.
  20. Michael Bruno & Jeffrey Sachs, 1982. "Input Price Shocks and the Slowdown in Economic Growth: The Case of U.K.Manufacturing," NBER Working Papers 0851, National Bureau of Economic Research, Inc.
  21. Kahn, Charles M. & Green, Jerry, 1983. "Wage-Employment Contracts," Scholarly Articles 3203642, Harvard University Department of Economics.
  22. Grant Devine & Bruce Marion, 1979. "The influence of consumer price information on retail pricing and consumer behavior," Framed Field Experiments 00138, The Field Experiments Website.
  23. Tatom, John A, 1980. "The "Problem" of Procyclical Real Wages and Productivity," Journal of Political Economy, University of Chicago Press, vol. 88(2), pages 385-394, April.
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