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Labour market reform and the macroeconomic efficiency of the labour market in Australia

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  • A. Stegman
  • T. Stegman

Abstract

This paper assesses the effects of a decade and a half of labour market reform in Australia on labour market flexibility at the macroeconomic level. Increased labour market flexibility is interpreted as reduced structural unemployment and enhanced efficiency of matching. We use shifts in the Beveridge Curve as a measure of changes in labour market efficiency (following Solow, R., What is labour-market flexibility? What is it good for?, Keynes Lecture, British Academy, London, December, 1997). Time series analysis of unemployment, vacancies and other relevant variables strongly suggests that changes in the efficiency of labour market matching over the period reflect the cyclical effects of hysteresis rather than the effects of labour market reform. Copyright 2004, Oxford University Press.

Suggested Citation

  • A. Stegman & T. Stegman, 2004. "Labour market reform and the macroeconomic efficiency of the labour market in Australia," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 28(5), pages 743-766, September.
    • Handle: RePEc:oup:cambje:v:28:y:2004:i:5:p:743-766
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    File URL: http://hdl.handle.net/10.1093/cje/beh028
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    Cited by:

    1. Paul Plummer & Matthew Tonts, 2013. "Do History and Geography Matter? Regional Unemployment Dynamics in a Resource-Dependent Economy: Evidence from Western Australia, 1984–2011," Environment and Planning A, , vol. 45(12), pages 2919-2938, December.
    2. Liu, De-chih, 2021. "The Unemployment Invariance Hypothesis: Does the Gender Matter?," Hitotsubashi Journal of Economics, Hitotsubashi University, vol. 62(2), pages 178-199, December.
    3. Katerine Bermúdez Alarcón & Augustin Emane, 2019. "La realidad del contrato de trabajo y su situación en Suramérica," Books, Universidad Externado de Colombia, Facultad de Derecho, number 1088.

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