Inflation, Unemployment and the NAIRU in Australia
In this paper we investigate the relationship between inflation and unemployment in Australia, post 1959. We focus on two features of the data: firstly, we find that forecasting models are surprisingly through ou sample period. We also estimate the nonaccelaring inflation rate of unemployment (NAIRU), focussing on both the level of the NAIRU, and the stability and precision of our estimates. We find that estimates of the NAIRU range from as low as 2.3% to as high as 9.5% in Australia over this period.
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|Date of creation:||1996|
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