This paper updates earlier estimates that show the existence of a range of equilibrium rates of unemployment in Australia. Within the range of equilibria framework, the paper goes on to test the effectiveness of incomes policies, enterprise bargaining and inflation-target based monetary policy...

The major failures of macroeconomic policy in the last 40 years are the huge increases in unemployment and inflation in the 1970s and the persistence for 25 years of the former. This article uses econometric estimates of a model of the range of equilibria for Australia for the period 1965:4 to...

This paper updates earlier estimates that show the existence of a range of equilibrium rates of unemployment in Australia. Within the range of equilibria framework, the paper goes on to test the effectiveness of incomes policies, enterprise bargaining and inflation-target based monetary policy...