Melbourne Institute of Applied Economic and Social Research - Research Publications
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ItemIntroduction to the Policy Forum: Macroeconomic Consequences of Macroprudential Policies(Wiley, 2016-03)This policy forum summarises the proceedings of the 2015 Melbourne Institute Macroeconomic Policy Meeting, which took place at the Melbourne Institute on 15–16 October. The focus of this conference was on macroprudential policies. Section 2 provides a brief description of the papers presented and the keynote address. Section 3 refers to the remarks of the panel on ‘Macroprudential Policies in Australia: Design and Effects’, and the discussion. Section 4 concludes.
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ItemRevisiting the Okun relationship(Taylor & Francis, 2017)Our article revisits the Okun relationship between observed unemployment rates and output gaps. We include in the relationship the effect of labour market institutions as well as age and gender effects. Our empirical analysis is based on 20 OECD countries over the period 1985–2013. We find that the share of temporary workers (which includes a high and rising share of young workers) played a crucial role in explaining changes in the Okun coefficient (the impact of the output gap on the unemployment rate) over time. The Okun coefficient is not only different for young, prime-age and older workers but also it decreases with age. From a policy perspective, it follows that an increase in economic growth will not only have the desired outcome of reducing the overall unemployment rate but it will also have the distributional effect of lowering youth unemployment.