Trying to Understand Stagflation

Ian M. McDonald

8 citations0/0 files storedAustralian Economic Review

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Monetary Policy and Economic Impact Labor market dynamics and wage inequality Economic Theory and Policy

Abstract

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.

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1956A Contribution to the Theory of Economic Growth 1972Expectations and the neutrality of money 1980Aggregate Dynamics and Staggered Contracts 1982Sticky Prices in the United States 1968Money-Wage Dynamics and Labor-Market Equilibrium 1992Wage bargaining and employment 1975Implicit Contracts and Underemployment Equilibria 1995Efficiency Wage Models of Unemployment

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