Insider Power as a Source of Hysteresis in Unemployment: Tests with Australian Data

Nicolaas Groenewold and Leanne Taylor

The Economic Record, 1992, vol. 68, issue 1, 57-64

Abstract: This paper reports the results of an empirical investigation of hysteresis in the unemployment rate using Australian data for 1966(3)‐1988(4). It is found that there is not hysteresis in the strict sense of the irrelevance of the natural unemployment rate although there is strong evidence of insider power in the wage‐fixing process. There is no evidence that the Accord changed the extent of the influence of insider power on wage setting.

Date: 1992
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