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Equilibrium unemployment: Theory and measurement in Australia using the Phillips curve

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  • Ian M. McDonald

Abstract

This paper reviews the measurement of equilibrium unemployment in Australia using the Phillips curve. To provide a theoretical framework through which these measurement exercises can be understood, the theory of equilibrium unemployment based on wage bargaining is also described and reviewed. The paper shows how studies have moved from specifying a unique and constant equilibrium rate of unemployment to specifications which emphasise the influence of unemployment benefits, hysteresis and a range of equilibrium rates of unemployment.

Suggested Citation

  • Ian M. McDonald, 2002. "Equilibrium unemployment: Theory and measurement in Australia using the Phillips curve," The Economic Record, The Economic Society of Australia, vol. 78(243), pages 451-470, December.
    • Handle: RePEc:bla:ecorec:v:78:y:2002:i:243:p:451-470
    DOI: 10.1111/1475-4932.00071
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    Cited by:

    1. Łukasz Arendt, 2006. "Czy w Polsce występuje efekt histerezy bezrobocia?," Gospodarka Narodowa. The Polish Journal of Economics, Warsaw School of Economics, issue 11-12, pages 25-46.
    2. Jeff Borland, 2011. "The Australian Labour Market in the 2000s: The Quiet Decade," RBA Annual Conference Volume (Discontinued), in: Hugo Gerard & Jonathan Kearns (ed.),The Australian Economy in the 2000s, Reserve Bank of Australia.
    3. Gaston, Noel & Rajaguru, Gulasekaran, 2013. "How an export boom affects unemployment," Economic Modelling, Elsevier, vol. 30(C), pages 343-355.
    4. Meredith Beechey & Pär Österholm, 2008. "A Bayesian Vector Autoregressive Model with Informative Steady‐state Priors for the Australian Economy," The Economic Record, The Economic Society of Australia, vol. 84(267), pages 449-465, December.
    5. Ian McDonald & Jenny Lye, 2006. "Union Power and Australia’s inflation Barrier, 1965:4 to 2004:3," Australian Journal of Labour Economics (AJLE), Bankwest Curtin Economics Centre (BCEC), Curtin Business School, vol. 9(3), pages 287-304, September.
    6. Lei Lei Song & John Freebairn, 2005. "Policies to Reduce Unemployment: Simulations with Treasury Macroeconomic Model," The Economic Record, The Economic Society of Australia, vol. 81(255), pages 351-366, December.
    7. Yesim Kustepeli, 2005. "A comprehensive short-run analysis of a (possible) Turkish Phillips curve," Applied Economics, Taylor & Francis Journals, vol. 37(5), pages 581-591.

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