Prospects for Output and Employment Growth with Steady Inflation
Monetary policy affects both real variables, such as employment, unemployment and output and nominal variables such as nominal interest and inflation rates. For close to a decade the principal focus of monetary policy has been on inflation. During a recession, or when one appears imminent, the state of real variables such as GDP growth has been a paramount consideration, but at other times inflation control has been the major objective. We argue that this concentration on inflation has not been misplaced, indeed we suggest that it should be more detailed than it has been.
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- Gregory, R G, 1986. "Wages Policy and Unemployment in Australia," Economica, London School of Economics and Political Science, vol. 53(210(S)), pages 53-74, Supplemen.
- J. E. Meade & E. A. Russell, 1957. "Wage Rates, The Cost Of Living, And The Balance Op Payments," The Economic Record, The Economic Society of Australia, vol. 33(64), pages 23-28, 04.
- Guy Debelle & James Vickery, 1998. "The Macroeconomics of Australian Unemployment," RBA Annual Conference Volume, in: Guy Debelle & Jeff Borland (ed.), Unemployment and the Australian Labour Market Reserve Bank of Australia.
- Russell, Bill & Tease, Warren, 1991. "Employment, Output and Real Wages," The Economic Record, The Economic Society of Australia, vol. 67(196), pages 34-45, March.