摘要:

In the long run microeconomic reform will improve living standards by increasing the quantity of goods and services that the economy can produce with its limited productive resources. However, in the short run, reform might lead to a reduction in the usage of productive resources, especially labour, rather than to an increase in output. In this paper we examine the short‐run relationship between micro‐economic reform and employment in Australia using simulations with an applied general equilibrium m

ISSN:0013-0249    

DOI:10.1111/j.1475-4932.1994.tb01819.x

出版商:Blackwell Publishing Ltd    

年代:1994

数据来源: WILEY

摘要:

Strong and Tan (1991) found Australian output variation was well characterized by a stochastic trend implying output shocks have a permanent effect on the level of activity. The paper finds that in Australia the stochastic trend alternative is statistically dominated when the data are allowed to be characterized by a probabilistic segmented trend specification. This finding implies shocks will only have a permanent effect on output when the series' growth path switches from one growth regime into another as a result of the shock.

ISSN:0013-0249    

DOI:10.1111/j.1475-4932.1994.tb01820.x

出版商:Blackwell Publishing Ltd    

年代:1994

数据来源: WILEY

摘要:

This paper utilizes daily data from the period of the ‘clean’ float of the Australian dollar to consider the relationship between two key Australian short‐term interest rates: the official and the unofficial overnight cash rates. There is a stable long‐run differential of I per cent between the two rates and a short‐run dynamic policy reaction function is found which indicates that the official rate reacted to the size of the past interest rate dif

ISSN:0013-0249    

DOI:10.1111/j.1475-4932.1994.tb01821.x

出版商:Blackwell Publishing Ltd    

年代:1994

数据来源: WILEY

摘要:

The MP1GLOG specification of an indirect utility function allows a parametric representation in terms of expenditure and two unit cost functions. An appropriate specification of these unit cost functions resolves the conflict between the need for flexibility and satisfaction of curvature restrictions by allowing the use of a flexible unit cost function which satisfies curvature conditions for all positive prices. The resulting demand system will then satisfy curvature restrictions over a wide range of prices and expenditures, and hence allow policy conclusions consistent with the restrictions of economic theory.

ISSN:0013-0249    

DOI:10.1111/j.1475-4932.1994.tb01822.x

出版商:Blackwell Publishing Ltd    

年代:1994

数据来源: WILEY

摘要:

The concepts of ‘true protection’ and the ‘incidence of protection’ are potentially very useful for the evaluation of commercial policy. These concepts have been developed in the context of a model in which the production functions are implicit. The present paper develops the analysis of true protection in models in which the factors of production are explicitly identified. The paper finds that the Heckscher‐Ohlin model may not be an appropriate vehicle for the analysis of the effects of tariffs, while the specific‐factors model facilitates a fuller evaluation of, and permits additional insights into, the incidence of

ISSN:0013-0249    

DOI:10.1111/j.1475-4932.1994.tb01823.x

出版商:Blackwell Publishing Ltd    

年代:1994

数据来源: WILEY

摘要:

This paper investigates the goodness‐of‐fit' and effect on estimates of the experience‐earnings profile of alternative specifications of the human capital earnings function for a sample of full‐time male workers in Australia. It is concluded that it is difficult to differentiate between specifications of the earnings function which include a cubic experience term, cubic plus quartic experience terms, or a linear spline function in experience–each of these specifications appears to marginally dominate the quadratic specification and a non‐parametric approach. A modified Gompertz function is found to per

ISSN:0013-0249    

DOI:10.1111/j.1475-4932.1994.tb01824.x

出版商:Blackwell Publishing Ltd    

年代:1994

数据来源: WILEY

摘要:

By international standards, New Zealand's recent business cycle fluctuations have been exceptionally volatile. Fluctuations in central government and private fixed investment expenditure, the real net exports share, the terms of trade and interest rates have also been particularly volatile. Many bivariate relationships change markedly over time, but ‘real variable regularity’ is confirmed. Fluctuations in government purchases have been acyclical. The real net exports share has been countercyclical overall, but pro‐cyclical most recently. Domestic price fluctuations have been basically countercyclical. The scale of changes over the past decade continues to present difficulties for establishing credible financial and open economy regular

ISSN:0013-0249    

DOI:10.1111/j.1475-4932.1994.tb01825.x

出版商:Blackwell Publishing Ltd    

年代:1994

数据来源: WILEY

ISSN:0013-0249    

DOI:10.1111/j.1475-4932.1994.tb01826.x

出版商:Blackwell Publishing Ltd    

年代:1994

数据来源: WILEY

ISSN:0013-0249    

DOI:10.1111/j.1475-4932.1994.tb01827.x

出版商:Blackwell Publishing Ltd    

年代:1994

数据来源: WILEY

摘要:

Book reviewed in this article:Gain from the Pain: Australia Recovers from Its Economic Boom‐Bust, Australian Financial Review, Economics Extra 2, by Michael Stutchbury.What's Really Happening: Australia's Business World, by Robert Gottliebsen.From Boom to Bust: Trial and Error in British Economic Policy, by David Smith.False Promises: The Failure of Conservative Economics, edited by Robert C.Demand and Exchange in Economic Analysis, A History from Coumot to Marshall, by John Creedy.In Reserve: Central Banking in Australia, 1945‐75, by C.B. Schedvin.Imperfect Competition, Differential Information, and Microfoundations of Macroeconomics, by Kiyohiko Nishimura.Corporatization and Privatization Lessons from New Zealand, by Ian Duncan and Alan Bollard.Modelling Individual Choice: The Econometrics of Corners, Kinks and Holes, by Stephen Pudney.Inequality Re‐examined, by Amartya Sen.The Japanese Enterprise System. Competitive Strategies and Cooperative Structures, by W. Mark Fruin.Efficiency Wages: models of unemployment, layoffs, and wage dispersionj, by Andrew Weiss.International Trade Theory and Policy: Selected Essays of W. Max Corden, by W. Max Corden.Corden, W.M. (1953), ‘The Maximization of Profit by a Newspaper’,Review of Economic Studies.Inside the Bank: The Role of the Reserve Bank of Australia in the Economic, Banking and Financial Systems, by J. Linklater.The Economics of Australian Labour Markets, by Keith Norris.Riach, P.A. and Rich, J.(1987), ‘Testing for Sexual Discrimination in the Labour Market’.Responding to Unemployment: Perspectives and Strategies, edited by Ann Hodgkinson, Di Kelly and Nadia Verrucci.Managing Government: Labor's Achievements and Failures, by Fred Gruen and Mic

ISSN:0013-0249    

DOI:10.1111/j.1475-4932.1994.tb01828.x

出版商:Blackwell Publishing Ltd    

年代:1994

数据来源: WILEY