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Australian Wage Inflation: Real Wage Resistance, Hysteresis and Incomes Policy: 1968(3)-1988(3)

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  • Watts, Martin J
  • Mitchell, William F

Abstract

This study examines the course of wage inflation in Australia over the last twenty years. Specifically, using a general-to-specific modeling strategy, various competing hypotheses about wage inflation are nested in a overparameterized model and a simplified specification achieved. The parsimonious representation of wage inflation not only satisfies strict statistical criteria (like stability, uniform error variances, well-specified functional form, and uncorrelated residuals), but also provides interesting conclusions regarding the adequacy of the competition explanations that economists have used to account for wage inflation. Copyright 1990 by Blackwell Publishers Ltd and The Victoria University of Manchester

Suggested Citation

  • Watts, Martin J & Mitchell, William F, 1990. "Australian Wage Inflation: Real Wage Resistance, Hysteresis and Incomes Policy: 1968(3)-1988(3)," The Manchester School of Economic & Social Studies, University of Manchester, vol. 58(2), pages 142-164, June.
    • Handle: RePEc:bla:manch2:v:58:y:1990:i:2:p:142-64
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    Cited by:

    1. PHILIP E.T. LEWIS & GARRY A. MacDONALD, 1993. "Testing for Equilibrium in the Australian Wage Equation," The Economic Record, The Economic Society of Australia, vol. 69(3), pages 295-304, September.
    2. Guy Debelle & James Vickery, 1998. "The Macroeconomics of Australian Unemployment," RBA Annual Conference Volume (Discontinued), in: Guy Debelle & Jeff Borland (ed.),Unemployment and the Australian Labour Market, Reserve Bank of Australia.
    3. Kenneth F. Wallis, 1993. "On Macroeconomic Policy and Macroeconometric Models," The Economic Record, The Economic Society of Australia, vol. 69(2), pages 113-130, June.
    4. Dobbie, Michael, 2006. "Insider Power, Outsider Ineffectiveness and Product Market Competition: Evidence from Australia," Review of Applied Economics, Lincoln University, Department of Financial and Business Systems, vol. 2(1), pages 1-19.
    5. Nicolaas Groenewold & Leanne Taylor, 1992. "Insider Power as a Source of Hysteresis in Unemployment: Tests with Australian Data," The Economic Record, The Economic Society of Australia, vol. 68(1), pages 57-64, March.
    6. Arestis, Philip & Biefang-Frisancho Mariscal, Iris, 1999. "Unit roots and structural breaks in OECD unemployment," Economics Letters, Elsevier, vol. 65(2), pages 149-156, November.

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