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Economics - Research Publications
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ItemLABOR'S SHARE, THE FIRM'S MARKET POWER, AND TOTAL FACTOR PRODUCTIVITYDixon, R ; Lim, GC (WILEY, 2018-10)We investigate the relationship between labor's share, firm's market power, and the elasticity of output with respect to labor input using an approach based on an unobserved components model. The approach yields time‐varying estimates of market power and the elasticity. Evidence on the market power of firms (which we find to be rising since 2000) gives a deeper understanding of movements in labor's share and the labor wedge. The generated values of the elasticity yield revised estimates of total factor productivity growth which is informative about the extent of the downward bias inherent in traditional estimates which use labor's share as a proxy for the elasticity. (JEL O47, C32, E25)
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ItemNo Preview AvailableModelling the Spread of the Coronavirus: A View from EconomicsLloyd, P ; Dixon, R (Wiley, 2021-01-27)This article reviews the modelling of the spread in Australia of COVID‐19 from the point of view of the discipline of Economics. After a brief overview of the epidemiological approach, we show that other modelling is needed for policy purposes and especially to provide a full understanding of the economic and social costs of disease control. We look at microeconomic aspects of infection, focusing on individual behaviour, the choices facing the individual and implications for policy. The use of a cost–benefit approach and macroeconomic aspects of the pandemic are examined together with the economic consequences of policy response.
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ItemThe Challenger Space Shuttle Disaster: A Case Study in the Analysis of Binary Data Using Scatter Diagrams and Logit RegressionDixon, R (WILEY, 2021-06)Abstract This article offers an instructive example of the usefulness of scatter diagrams and of logit regression in decision making. On the morning of 28 January 1986 a US space shuttle named ‘Challenger’ exploded soon after take‐off killing all seven crew members who were on board. The launch went ahead on a very cold morning despite attempts by a group of engineers to halt it. They argued that it was unsafe to proceed given the likelihood of malfunctions occurring when the temperature was below freezing. They failed to convince the decision makers involved of any strong connection between temperature at launch and the malfunction of a particular crucial part. This articles discusses how the engineers’ proper use of scatter diagrams and/or logit regression would likely have supported a convincing case to delay the launch of the shuttle.
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Item#FlattenTheCurveDixon, R (Wiley, 2020-09-14)In this paper I adapt a common model used in economics to study the diffusion of innovations to model the transmission of a virus. Emphasis is placed on the evolution of the number of new infections and the cumulative total number of infections over time and how they might be influenced by different policies. Although the model is very simple it does yield some useful implications for public policy.
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ItemRevisiting the Okun relationshipDIXON, R ; Lim, G ; van Ours, JC (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.
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ItemPhillips Curve and the Equilibrium Unemployment Rate*LIM, GC ; DIXON, R ; TSIAPLIAS, S (Wiley, 2009-12)A time‐varying Phillips Curve was estimated as a means to examine the changing nature of the relationship between wage inflation and the unemployment rate in Australia. The implied time‐varying equilibrium unemployment rate was generated and the analysis showed the important role played by variations in the slope of the Phillips Curve in changing the equilibrium unemployment rate. The deviations of actual unemployment rates from the estimated equilibrium unemployment rates also performed remarkably well as measures of inflationary pressure.
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ItemThe Cyclical Dynamics and Volatility of Australian Output and EmploymentSHEPHERD, D. ; DIXON, R. ( 2008)
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ItemAn employment equation for AustraliaDixon, R ; Freebairn, J ; Lim, GC (ECONOMIC SOC OF AUSTRALIA BROWN PRIOR ANDERSON PTY LTD, 2005-09)
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ItemModels of labour services and estimates of total factor productivityDixon, RJD ; Shepherd, D ( 2010)
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ItemUnderlying inflation in Australia: are the existing measures satisfactory?DIXON, RJ ; LIM, G ( 2004)