This paper calculates the levels of optimal national saving, investment, and the current account balance for five Asian economies—Hong Kong SAR, Japan, Singapore, Malaysia, and the Philippines—for the period 1997–2050 using a simulation approach. These calculations show the sensitivity of...

The diagnosis of possible heart disease in the well patient has undergone remarkable shifts over the past century. The traditional medical view places strong emphasis on the contribution of technological data to the diagnosis of disease. In the case of serious heart disease, cardiac diagnostic...

This paper argues that the theory of wage and price setting in macroeconomics should be broadened to include insights from behavioural economics, in particular prospect theory and loss aversion. The paper shows how broader microeconomic foundations can explain the main features of a realistic...

This paper considers the view that trade union power played a major role in the deterioration of macroeconomic performance in Australia in the 1970s and that the subsequent decrease in trade union power has improved Australia’s macroeconomic possibilities. Using the model of a range of...

This paper reviews evidence on the equilibrium rate of unemployment and on causes of unemployment in Australia from empirical modelling of labour market outcomes. Three main types of models are reviewed - Phillips curve models; Multi-equation models; and Beveridge curve models. The paper begins...