Economics - Research Publications

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    Phillips 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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    The role of portfolio shocks in a structural vector autoregressive model of the Australian economy
    Fry, R ; Hocking, J ; Martin, VL (BLACKWELL PUBLISHING, 2008-03)
    Domestic and foreign equity shocks on the Australian economy are analysed within a five‐variate structural vector autoregressive model, with identification achieved through long‐run restrictions based on the natural rate hypothesis, monetary neutrality, long‐run portfolio balance and purchasing power parity. The results show that real equity values were undervalued by 19 per cent by June 2005, with the gap narrowing thereafter. Foreign crises are important factors explaining this deterioration. The real wealth effects of equity market shocks impact significantly upon financial and goods market prices, whereas output tends to be immune. The model is also able to address puzzles that exist in the vector autoregression literature.
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    Overcoming measurement error problems in the use of survey data on expectations
    Lee, K ; Shields, K (BLACKWELL PUBLISHING, 2007-09)
    Survey data frequently requires conversion from qualitative responses to quantitative series and it is often asserted that the conversion procedures introduce measurement errors that render the series unusable in structural modelling. We investigate the nature and treatment of the measurement error that arises when conversion procedures are used to obtain direct measures of expectations. We use simulation experiments to demonstrate the need for the adequate treatment of conversion errors and show that a procedure proposed to ‘purge’ the series of conversion error is extremely successful in circumventing the problems. We illustrate the procedures in empirical applications using business survey data.
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    Propensities to engage in and punish corrupt behavior: Experimental evidence from Australia, India, Indonesia and Singapore
    Cameron, L ; Chaudhuri, A ; Erkal, N ; Gangadharan, L (ELSEVIER SCIENCE SA, 2009-08)
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    Directed Search, Unemployment and Public Policy
    Julien, ; Kennes, ; KING, I ; MANGIN, S ( 2009)
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    Tuition fees and equality of university enrolment
    Coelli, MB (WILEY-BLACKWELL PUBLISHING, INC, 2009-08)
    Abstract The relationship between tuition fee changes and the university enrolment of youth by parental income group in Canada is investigated. Comparisons between youth from Canadian provinces that increased tuition fees sharply in the 1990s and youth from provinces that instituted fee freezes were integral to identifying the relationship. Tuition fee increases coincided with reductions in the university enrolment of low‐income youth, but with significantly smaller changes in the university enrolment of other youth. The relationships between government funding of universities and cohort size and university enrolments are also analyzed.
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    Subject pool effects in a corruption experiment: A comparison of Indonesian public servants and Indonesian students
    Alatas, V ; Cameron, L ; Chaudhuri, A ; Erkal, N ; Gangadharan, L (SPRINGER, 2009-03)
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    Valuing programs with deterministic and stochastic cycles
    Paarsch, HJ ; Rust, J (ELSEVIER SCIENCE BV, 2009-03)