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Testing for Equilibrium in the Australian Wage Equation

Author

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  • Lewis, Philip E T
  • MacDonald, Garry A

Abstract

In this paper, a range of unit root and cointegration tests are applied to the time-series variables most commonly found in the various specifications of the Australian wage equation. The authors find a contradiction between the standard Dickey-Fuller tests and the results from Johansen estimation regarding the order of integration. The conclusion we reach using tests developed by P. Perron is that all the variables are trend stationary processes and that the cointegration framework is inappropriate in this case. Copyright 1993 by The Economic Society of Australia.

Suggested Citation

  • Lewis, Philip E T & MacDonald, Garry A, 1993. "Testing for Equilibrium in the Australian Wage Equation," The Economic Record, The Economic Society of Australia, vol. 69(206), pages 295-304, September.
    • Handle: RePEc:bla:ecorec:v:69:y:1993:i:206:p:295-304
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    Cited by:

    1. Alan Morris & Kenneth Wilson, 1994. "An Empirical Analysis of Australian Strike Activity: Further Evidence on the Role of the Prices and Incomes Accord," The Economic Record, The Economic Society of Australia, vol. 70(209), pages 183-191, June.
    2. John Freebairn, 1998. "Microeconomics of the Australian Labour Market," RBA Annual Conference Volume (Discontinued), in: Guy Debelle & Jeff Borland (ed.),Unemployment and the Australian Labour Market, Reserve Bank of Australia.
    3. Lynne Cockerell & Bill Russell, 1995. "Australian Wage and Price Inflation: 1971-1994," RBA Research Discussion Papers rdp9509, Reserve Bank of Australia.

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