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The natural unemployment rate in Australia since the seventies

journal contribution
posted on 2023-05-16, 11:27 authored by Groenewold, N, Hagger, AJ
The natural rate of unemployment is calculated based on Lilien's (1982) notion that an increase in the sectoral dispersion of demand results in a rise in unemployment for a given level of aggregate demand. In contrast to earlier applications, the dispersion measure is based on sectoral employment growth rates purged of aggregate influences using a VAR model. We find that most of the rise in unemployment in Australia since the 1970s reflects the increase in the underlying natural rate. This finding is broadly consistent with Lilien's results for the US as well as earlier results for Australia and Canada.

History

Publication title

The Economic Record

Volume

74

Issue

224

Pagination

24-35

ISSN

0013-0249

Department/School

TSBE

Publisher

Economic Soc Of Australia Brown Prior Anderson Pty Ltd

Place of publication

5 Evans St, Burwood Victoria, Australia, 3125

Repository Status

  • Restricted

Socio-economic Objectives

Macroeconomics not elsewhere classified

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