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Trying to Understand Stagflation
Author(s) -
McDonald Ian M.
Publication year - 1984
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/j.1467-8462.1984.tb00452.x
Subject(s) - stagflation , salient , economics , recession , aggregate demand , keynesian economics , business cycle , great recession , macroeconomics , unemployment , political science , monetary policy , law
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.