Modelling Wages and Prices in Australia

Gunnar Bårdsen, Stan Hurn and Zoë McHugh

The Economic Record, 2007, vol. 83, issue 261, 143-158

Abstract: This paper estimates a simultaneous‐equation model of wages and prices for Australia, underpinned by a competing claims framework of imperfect competition. Two separate co‐integrating relationships for wages and prices are identified by imposing the economic hypotheses implied by the theory. The steady‐state relationships for wages and prices are then embedded in a parsimonious, dynamic wage‐price model. The final model is both simple and parsimonious and able to describe the process of wage and price inflation in Australia.

Date: 2007
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Citations: View citations in EconPapers (6)

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https://doi.org/10.1111/j.1475-4932.2007.00390.x

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Working Paper: Modelling Wages and Prices in Australia (2005)
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