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Modelling Aggregate Labour Demand

  • Ross Hutchings

    (Treasury, Government of Australia)

  • Michael Kouparitsas

    (Treasury, Government of Australia)

We derive a conditional long run labour demand equation via a representative firm level profit maximising problem, where production takes place according to a constant elasticity of substitution (CES) production function. This theoretical framework is augmented by cyclical explanatory variables to form an error correction model, which is then estimated using standard econometric methods. Estimates of important labour demand parameters, such as the elasticity of substitution between capital and labour, are consistent with previous Australian studies.

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File URL: http://www.treasury.gov.au/~/media/Treasury/Publications%20and%20Media/Publications/2012/Modelling%20Aggregate%20Labour%20Demand/Downloads/PDF/Labour_Demand_Model_WP.ashx
File Function: First version, 2012
Download Restriction: no

Paper provided by The Treasury, Australian Government in its series Treasury Working Papers with number 2012-02.

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Length: 13 pages
Date of creation: Feb 2012
Date of revision: Dec 2012
Handle: RePEc:tsy:wpaper:wpaper_tsy_wp_2012_2
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