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| Author: | Pissarides, C. A. |
| Title: | Real wages and unemployment in Australia. |
| Journal: | Economica
1991 : FEB, VOL. 58:229, p. 35-55 |
| Index terms: | EMPLOYMENT PAY INCOMES POLICY AUSTRALIA |
| Language: | eng |
| Abstract: | A three-equation model of the Australian labour market is estimated for the period 1966-86. The three equations are for employment, real wages and the labour force. The role of incomes policies in containing real wage growth and the reasons behind the changes in unemployment since 1970 were studied. Strong and important links between wages, employment, the capital stock and investment were found. Incomes policies have not been important in controlling wages; the rise in unemployment in the 1970s was due to the rise in tax rates and unemployment benefits; the changes in unemployment in the 1980s were connected with changes in investment and aggregate demand. |
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