Trying to Understand Stagflation

Ian McDonald ()

Australian Economic Review, 1984, vol. 17, issue 3, 32-56

Abstract: After a brief account of some of the salient facts of Australia's recent economic experience, this paper reviews some explanations for the apparent failure of labour markets to clear in recession and then reviews some explanations for the fluctuations in the aggregate demand for labour. Next, some links between real wages and employment are examined. The paper concludes with a discussion of the implications for economic policy of the preceding analysis.

Date: 1984
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