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Prospects for Output and Employment Growth with Steady Inflation

In: Unemployment and the Australian Labour Market

Author

Listed:
  • Mardi Dungey

    (La Trobe University)

  • John Pitchford

    (The Australian University)

Abstract

Monetary policy affects both real variables, such as employment, unemployment and output and nominal variables such as nominal interest and inflation rates. For close to a decade the principal focus of monetary policy has been on inflation. During a recession, or when one appears imminent, the state of real variables such as GDP growth has been a paramount consideration, but at other times inflation control has been the major objective. We argue that this concentration on inflation has not been misplaced, indeed we suggest that it should be more detailed than it has been.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Mardi Dungey & John Pitchford, 1998. "Prospects for Output and Employment Growth with Steady Inflation," RBA Annual Conference Volume (Discontinued), in: Guy Debelle & Jeff Borland (ed.),Unemployment and the Australian Labour Market, Reserve Bank of Australia.
    • Handle: RePEc:rba:rbaacv:acv1998-14
    as

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    File URL: https://www.rba.gov.au/publications/confs/1998/pdf/dungey-pitchford.pdf
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    References listed on IDEAS

    as
    1. J. E. Meade & E. A. Russell, 1957. "Wage Rates, The Cost Of Living, And The Balance Of Payments," The Economic Record, The Economic Society of Australia, vol. 33(64), pages 23-28, April.
    2. repec:bla:ecorec:v:67:y:1991:i:196:p:34-45 is not listed on IDEAS
    3. repec:bla:econom:v:53:y:1986:i:210(s):p:s53-74 is not listed on IDEAS
    4. 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.
    5. John Pitchford, 1993. "The Exchange Rate and Macroeconomic Policy in Australia," RBA Annual Conference Volume (Discontinued), in: Adrian Blundell-Wignall (ed.),The Exchange Rate, International Trade and the Balance of Payments, Reserve Bank of Australia.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Peter Dawkins, 1998. "Solutions to Australian Unemployment: Three Perspectives - Solutions to Unemployment and Avoiding the 'Diabolical Trade-off': A Discussion," RBA Annual Conference Volume (Discontinued), in: Guy Debelle & Jeff Borland (ed.),Unemployment and the Australian Labour Market, Reserve Bank of Australia.
    2. Mardi Dungey & John Pitchford, 2001. "An Empirical Analysis of the Effect of Growth on Inflation, Australia, Canada and the United States," CEPR Discussion Papers 438, Centre for Economic Policy Research, Research School of Economics, Australian National University.
    3. David Shepherd & Robert Dixon, 2008. "The Cyclical Dynamics and Volatility of Australian Output and Employment," The Economic Record, The Economic Society of Australia, vol. 84(264), pages 34-49, March.
    4. Anh T. Le & Paul W. Miller, 2000. "Australia's Unemployment Problem," The Economic Record, The Economic Society of Australia, vol. 76(232), pages 74-104, March.
    5. Gruen, David & Pagan, Adrian & Thompson, Christopher, 1999. "The Phillips curve in Australia," Journal of Monetary Economics, Elsevier, vol. 44(2), pages 223-258, October.
    6. Mardi Dungey, 2002. "International Shocks and the Role of Domestic Policy in Australia," Australian Journal of Labour Economics (AJLE), Bankwest Curtin Economics Centre (BCEC), Curtin Business School, vol. 5(2), pages 143-163, June.
    7. Robert Dixon & John Freebairn & G.C. Lim, 2005. "An Employment Equation for Australia," The Economic Record, The Economic Society of Australia, vol. 81(254), pages 204-214, September.

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    More about this item

    Keywords

    employment; output growth; inflation;
    All these keywords.

    JEL classification:

    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E23 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Production
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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