Is the RBA Economic Logic Faulty?*

IF 0.9 Q3 ECONOMICS

Economic Papers Pub Date : 2020-06-28 DOI:10.1111/1759-3441.12289

Eduardo Pol

引用次数: 0

Abstract

Over the last quinquennium, low wage growth has been a distinguishing feature of the Australian economy preventing the Reserve Bank of Australia (RBA) to achieve its inflation target. Notwithstanding the current record low cash rate, wage growth remains low. This paper casts doubts about the economic logic of the RBA in relation to the behaviour of wages. We argue that an unlimited supply of labour leads to a vertical Phillips curve in the short-run, and therefore, significant wage growth cannot be expected to happen irrespective of how low the cash rate is.

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澳洲央行的经济逻辑有问题吗?＊

在过去的五年里，低工资增长一直是澳大利亚经济的一个显著特征，阻碍了澳大利亚储备银行(RBA)实现其通胀目标。尽管目前的现金利率处于创纪录的低位，但工资增长仍然很低。本文对澳大利亚央行在工资行为方面的经济逻辑提出了质疑。我们认为，在短期内，无限的劳动力供应会导致一条垂直的菲利普斯曲线，因此，无论现金利率有多低，都不可能预期出现显著的工资增长。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Economic Papers ECONOMICS-

CiteScore

2.30

自引率

0.00%

发文量

期刊介绍： Economic Papers is one of two journals published by the Economics Society of Australia. The journal features a balance of high quality research in applied economics and economic policy analysis which distinguishes it from other Australian journals. The intended audience is the broad range of economists working in business, government and academic communities within Australia and internationally who are interested in economic issues related to Australia and the Asia-Pacific region. Contributions are sought from economists working in these areas and should be written to be accessible to a wide section of our readership. All contributions are refereed.