Australian Wage Inflation: Real Wage Resistance, Hysteresis and Incomes Policy: 1968(3)-1988(3)

Martin J Watts and William F Mitchell

The Manchester School of Economic & Social Studies, 1990, vol. 58, issue 2, 142-64

Abstract: This study examines the course of wage inflation in Australia over the last twenty years. Specifically, using a general-to-specific modeling strategy, various competing hypotheses about wage inflation are nested in a overparameterized model and a simplified specification achieved. The parsimonious representation of wage inflation not only satisfies strict statistical criteria (like stability, uniform error variances, well-specified functional form, and uncorrelated residuals), but also provides interesting conclusions regarding the adequacy of the competition explanations that economists have used to account for wage inflation. Copyright 1990 by Blackwell Publishers Ltd and The Victoria University of Manchester

Date: 1990
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Persistent link: https://EconPapers.repec.org/RePEc:bla:manch2:v:58:y:1990:i:2:p:142-64

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