An Estimate of the Range of Equilibrium Rates of Unemployment for Australia.
This paper estimates the range of equilibrium rates of unemployment for Australia. The estimation technique nests a unique equilibrium rate of unemployment as a special case. It is found for the period 1965-97 that a range of equilibria of at least 6.6 percentage points of unemployment exists in Australia. The lower limit of this range, which is the minimum rate of unemployment consistent with nonincreasing inflation, was 2-3 per cent in the 1960s, jumped in the early 1970s and was about 5.6 per cent during the 1990s. Copyright 2001 by The Economic Society of Australia.
Year of publication: |
2001
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Authors: | Lye, J N ; McDonald, I M ; Sibly, H |
Published in: |
The Economic Record. - Economic Society of Australia - ESA, ISSN 1475-4932. - Vol. 77.2001, 236, p. 35-50
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Publisher: |
Economic Society of Australia - ESA |
Saved in:
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