Table of Contents
Economics Research International
Volume 2010, Article ID 250729, 5 pages
http://dx.doi.org/10.1155/2010/250729
Research Article

The Cyclical Behaviour of Real Wages: Evidence from Australia

School of Economics, Finance, and Marketing, RMIT University, Melbourne 3001, Australia

Received 4 March 2010; Accepted 8 June 2010

Academic Editor: Jos van Ommeren

Copyright © 2010 George B. Tawadros. This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.

Linked References

  1. R. E. Lucas, “Understanding business cycles,” in Stabilisation of the Domestic and International Economy, K. Brunner and A. H. Meltzer, Eds., pp. 7–29, North Holland Press, Amsterdam, The Netherlands, 1977. View at Google Scholar
  2. K. G. Abraham and J. C. Haltiwanger, “Real wages and the business cycle,” Journal of Economic Literature, vol. 33, no. 3, pp. 1215–1264, 1995. View at Google Scholar
  3. A. Brandolini, “In search of a stylised fact: do real wages exhibit a consistent pattern of cyclical variability?” Journal of Economic Surveys, vol. 9, no. 2, pp. 103–163, 1995. View at Google Scholar
  4. L. T. Dunlop, “The movement of real and money wage rates,” The Economic Journal, vol. 48, no. 191, pp. 413–434, 1938. View at Google Scholar
  5. L. Tarshis, “Changes in real and money wages,” The Economic Journal, vol. 49, no. 193, pp. 150–154, 1939. View at Google Scholar
  6. J. M. Keynes, “Relative movement of real wages and output,” The Economic Journal, vol. 49, no. 193, pp. 34–51, 1939. View at Google Scholar
  7. J. H. Richardson, “Real wage movements,” The Economic Journal, vol. 49, no. 195, pp. 425–441, 1939. View at Google Scholar
  8. R. F. Ruggles, “The relative movements of real and money wage rates,” The Quarterly Journal of Economics, vol. 55, no. 1, pp. 130–149, 1940. View at Google Scholar
  9. J. Tobin, “Money wage rates and employment,” in The New Economics: Keynes’ Influence on Theory and Public Policy, S. E. Harris, Ed., pp. 572–590, Dobson Press, London, UK, 1948. View at Google Scholar
  10. E. Kuh, “Unemployment, production functions and effective demand,” The Journal of Political Economy, vol. 74, no. 2, pp. 238–249, 1966. View at Google Scholar
  11. R. G. Bodkin, “Real wages and cyclical variations in employment: a re-examination of the evidence,” Canadian Journal of Economics, vol. 2, no. 3, pp. 353–374, 1969. View at Google Scholar
  12. E. Modigliani, “The monetarist controversy or should we forsake stabilisation policies?” The American Economic Review, vol. 67, no. 1, pp. 1–19, 1977. View at Google Scholar
  13. S. N. Neftçi, “A time series analysis of the real wage-employment relationship,” The Journal of Political Economy, vol. 86, no. 1, pp. 281–291, 1978. View at Google Scholar
  14. T. J. Sargent, “Estimation of dynamic labour demand schedules under rational expectations,” The Journal of Political Economy, vol. 86, no. 6, pp. 1009–1044, 1978. View at Google Scholar
  15. I. Otani, “Real wages and business cycles revisited,” The Review of Economics and Statistics, vol. 60, no. 2, pp. 301–304, 1966. View at Google Scholar
  16. R. S. Chirinko, “The real wage rate over the business cycle,” The Review of Economics and Statistics, vol. 63, no. 3, pp. 459–461, 1980. View at Google Scholar
  17. P. T. Geary and J. Kennan, “The employment-real wage relationship: an international study,” The Journal of Political Economy, vol. 90, no. 4, pp. 854–871, 1982. View at Google Scholar
  18. M. Bils, “Real wages over the business cycle: evidence from panel data,” The Journal of Political Economy, vol. 93, no. 4, pp. 666–689, 1985. View at Google Scholar
  19. B. S. Bernanke and J. L. Powell, “The cyclical behaviour of industrial labour markets: a comparison of the prewar and postwar eras,” in The American Business Cycle: Continuity and Change, R. J. Gordon, Ed., pp. 583–621, University of Chicago Press, Chicago, Ill, USA, 1986. View at Google Scholar
  20. M. Keane, R. Moffitt, and D. Runkle, “Real wages over the business cycle: estimating the impact of heterogeneity with micro data,” The Journal of Political Economy, vol. 96, no. 6, pp. 1232–1266, 1988. View at Google Scholar
  21. G. Solon, R. Barsky, and J. Parker, “Measuring the cyclicality of real wages: how important is composition bias?” The Quarterly Journal of Economics, vol. 109, no. 1, pp. 1–26, 1989. View at Google Scholar
  22. F. E. Kydland, “Business cycles and aggregate labour market fluctuations,” in Frontiers of Business Cycle Research, T. F. Cooley, Ed., pp. 126–156, Princeton University Press, Princeton, NJ, USA, 1995. View at Google Scholar
  23. C. Hanes, “Changes in the cyclical behavior of real wage rates, 1870–1990,” Journal of Economic History, vol. 56, no. 4, pp. 837–861, 1996. View at Google Scholar
  24. W. J. den Haan, “The comovement between output and prices,” Journal of Monetary Economics, vol. 46, no. 1, pp. 3–30, 2000. View at Google Scholar
  25. W. J. den Haan and S. W. Sumner, “The comovement between real activity and prices in the G7,” European Economic Review, vol. 48, no. 6, pp. 1333–1347, 2004. View at Publisher · View at Google Scholar
  26. K. X. D. Huang, Z. Liu, and L. Phaneuf, “Why does the cyclical behavior of real wages change over time?” American Economic Review, vol. 94, no. 4, pp. 836–856, 2004. View at Publisher · View at Google Scholar
  27. A. C. Harvey, “Trends and cycles in macroeconomic time series,” Journal of Business and Economic Statistics, vol. 13, pp. 216–227, 1985. View at Google Scholar
  28. A. C. Harvey, Forecasting, Structural Time Series Models and the Kalman Filter, Cambridge University Press, Cambridge, UK, 1989.
  29. A. C. Harvey, S. J. Koopman, and J. M. Penzer, “Messy time series: a unified approach,” Advances in Econometrics, vol. 13, no. 1, pp. 103–143, 1998. View at Google Scholar
  30. A. C. Harvey and A. Jaeger, “Detrending, stylized facts and the business cycle,” Journal of Applied Econometrics, vol. 8, no. 1, pp. 231–247, 1993. View at Google Scholar
  31. D. K. Backus and P. J. Kehoe, “International evidence on the historical properties of business cycles,” American Economic Review, vol. 82, no. 4, pp. 864–888, 1992. View at Google Scholar
  32. L. A. Fisher, G. Otto, and G. M. Voss, “Australian business cycle facts,” Australian Economic Papers, vol. 35, no. 67, pp. 300–320, 1996. View at Google Scholar
  33. P. Cashin and S. Ouliaris, “Key features of Australian business cycles,” Australian Economic Papers, vol. 43, no. 1, pp. 39–58, 2004. View at Google Scholar
  34. M. Crosby and G. Otto, “Real business cycle models: an introduction,” Australian Economic Review, vol. 3, pp. 55–70, 1995. View at Google Scholar