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Australian Macroeconomic Policy Experience

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  • W.M. CORDEN

Abstract

This paper looks at Australian macroeconomic experience from approximately 1912 to 1985. The whole period is divided into five episodes. The idea in preparing this paper was to try to answer three questions namely: how did Australian experience differ from that of other OECD countries, what policy lessons could be learnt, and finally, what light could be shed on the relevance of various macroeconomic theories notably rational expectations. In fact. the questions have by no means been adequately answered though the paper goes furthest in dealing with the first question. I hope it will encourage further discussion and research1 Anticipating some of the conclusions, the historical review suggests that Australian experiences have been fairly similar to those of other OECD countries. notably European countries. But the timing has sometimes differed the Australian wages explosions have been (more or less) exceptional and recently Australia has been special in having on incomes policy, It also appears that the theory of rational expectations does not get much support from Australian was behaviour, that policy from 1916 to 1981 was not really monetarist, and that fiscal expansions since 1982 have been made possible by the availability of the international capital market.

Suggested Citation

  • W.M. Corden, 1989. "Australian Macroeconomic Policy Experience," The Economic Record, The Economic Society of Australia, vol. 65(2), pages 152-164, June.
  • Handle: RePEc:bla:ecorec:v:65:y:1989:i:2:p:152-164
    DOI: 10.1111/j.1475-4932.1989.tb00924.x
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    References listed on IDEAS

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    1. Corden, W M, 1979. "Wages and Unemployment in Australia," The Economic Record, The Economic Society of Australia, vol. 55(148), pages 1-19, March.
    2. W. M. Corden, 1979. "Wages, Iflation and Unemployment," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 12(1), pages 69-70, April.
    3. W. M. Corden & P. B. Dixon, 1980. "A Tax‐Wage Bargain in Australia:Is a Free Lunch Possible?," The Economic Record, The Economic Society of Australia, vol. 56(154), pages 209-221, September.
    4. W. M. Corden, 1979. "Wages and Unemployment in Australia," The Economic Record, The Economic Society of Australia, vol. 55(1), pages 1-19, March.
    5. Corden, W M & Dixon, P B, 1980. "A Tax-Wage Bargain in Australia: Is a Free Lunch Possible?," The Economic Record, The Economic Society of Australia, vol. 56(154), pages 209-221, September.
    6. Barro, Robert J, 1986. "Recent Developments in the Theory of Rules versus Discretion," Economic Journal, Royal Economic Society, vol. 96(380a), pages 23-37, Supplemen.
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    Cited by:

    1. William J. Martin, 1990. "Public Choice Theory And Australian Agricultural Policy Reform," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 34(3), pages 189-211, December.

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