Results 11 to 20 of about 248 (179)
Australian Economic ReviewABSTRACT This article examines the concept of the non‐accelerating inflation rate of unemployment (NAIRU) and its application in Australia. We review its theoretical origins, international and domestic development, and the Reserve Bank of Australia's model‐based estimation approach.
Isaac Gross
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Inflation expectations and nonlinearities in the Phillips curve
Journal of Applied Econometrics, Volume 38, Issue 4, Page 453-471, June/July 2023., 2023 Summary This paper examines the presence of nonlinearities in the Phillips curve. We allow for a flexible form of nonlinearity and estimate a threshold regression model with the number and location of thresholds determined directly from the data. Over the estimation period starting in the late 1960s, we document that the linear model cannot be rejected
Alexander Doser +3 more
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Fiscal Policy in the COVID‐19 Era1
Economic Papers: A journal of applied economics and policy, Volume 42, Issue 2, Page 107-152, June 2023., 2023 This paper analyses the COVID recession and the large fiscal policy response by modelling scenarios using a macro‐econometric model. The COVID recession mainly arose from lower household consumption of certain services under COVID social distancing. The fiscal response to compensate for income losses in those service industries meant that unemployment ...
Chris Murphy
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The Australian Economy in 2022–23: Inflation and Higher Interest Rates in a Post‐COVID‐19 World
Australian Economic Review, Volume 56, Issue 1, Page 5-19, March 2023., 2023 Abstract Record levels of domestic and global stimulus during the COVID‐19 pandemic years helped to mitigate largely unparalleled downside risks. Post‐COVID‐19, inflation surged in Australia due to overseas factors such as the war in Ukraine, and domestic factors such as COVID‐related backlogs in the construction sector.
Sarantis Tsiaplias, Jiao Wang
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Studying the Nairu and its Implications [PDF]
SSRN Electronic Journal, 2011 The current paper is a means of demonstrating our knowledge about macroeconomic theories, and its key variables, phenomena, and history. Given the key role that the Non-Accelerating Inflation Rate of Unemployment (NAIRU) has in the macroeconomic theory as well as its role in determining employment theories, it is raised the need for a thorough ...
Bozani, Vasiliki, Drydakis, Nick
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Australian Economic Review, Volume 56, Issue 1, Page 61-69, March 2023., 2023 Abstract This article introduces the Policy Forum. It contains: (i) a brief overview of the fiscal policies introduced to deal with COVID‐19 and their impact on Australia's economic performance; (ii) summaries of the articles in the Forum; and (iii) suggested learnings for policymaking in future crises.
Jeff Borland
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A Traditional Nominal Wage Phillips Curve: Theory and Evidence
Economic Record, Volume 99, Issue 324, Page 108-121, March 2023., 2023 By combining simple contracting schemes with firms' optimisation, we provide theoretical underpinnings to the traditional nominal wage Phillips curve. The parameters of our Phillips curve have a structural interpretation. We extend the model to include the effect of the labour share, a factor that is absent in the new Keynesian model.
Malikane Christopher
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Oxford Bulletin of Economics and Statistics, Volume 85, Issue 1, Page 238-267, February 2023., 2023 Abstract This paper documents the suite of models (SoMs) used by Norges Bank to estimate the output gap. The models are estimated using data on GDP, unemployment, inflation, wages, investment, house prices and credit. We evaluate the estimated output gap series in terms of its forecasting properties, its reliability and its cyclical sensitivity to ...
Francesco Furlanetto +3 more
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L’output gap tra scienza e superstizione
Moneta e Credito, 2021 We examine the criteria adopted by the European Commission for assessing EU member states’ compliance with the “fiscal discipline” principles, with a focus on the role played by the output gap.
Salvatore D'Acunto, Domenico Suppa
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Transfers, Taxes and the NAIRU [PDF]
Review, 1981 Just as war is too important to be left to the generals, the impact of taxes and transfers on the aggregate unemployment rate is too important to be left to the macroeconomists. I therefore subject the issue of how tax and transfer policy affects unemployment and aggregate supply to a detailed, microeconomic examination of the effects of individual tax
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