Labour Market Dynamics in Australia | Zendy

Wesselbaum Dennis | Zendy

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Labour Market Dynamics in Australia

Author(s) -

Wesselbaum Dennis

Publication year - 2014

Publication title -

australian economic review

Language(s) - English

Resource type - Journals

SCImago Journal Rank - 0.308

H-Index - 29

eISSN - 1467-8462

pISSN - 0004-9018

DOI - 10.1111/1467-8462.12042

Subject(s) - beveridge curve , economics , matching (statistics) , econometrics , bayesian probability , value (mathematics) , dynamics (music) , bayes estimator , standard deviation , bargaining power , statistics , microeconomics , mathematics , unemployment , macroeconomics , physics , unemployment rate , acoustics

This article estimates a stylised search‐and‐matching model on data for Australia, covering the period 1978–2008. Using Bayesian methods, I find that the model does a fairly good job in replicating the data. Surprisingly, I find a large value for the worker's bargaining power and low vacancy‐posting costs. The model generates a strong Beveridge curve and matches the standard deviations of all variables but vacancies. I identify technology and separation shocks to be the main drivers of fluctuations .

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