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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, AJThe 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 RecordVolume
74Issue
224Pagination
24-35ISSN
0013-0249Department/School
TSBEPublisher
Economic Soc Of Australia Brown Prior Anderson Pty LtdPlace of publication
5 Evans St, Burwood Victoria, Australia, 3125Repository Status
- Restricted