{"title":"Introduction to the Policy Forum on the NAIRU","authors":"Sarantis Tsiaplias","doi":"10.1111/1467-8462.70032","DOIUrl":null,"url":null,"abstract":"<p>This policy forum examines the Australian NAIRU, a key measure in describing the relationship between labour market slack and inflation, through four complementary lenses. First, Borland and Harris evaluate the RBA's dashboard-style, narrative approach to gauging labour-market slack. Second, Ballantyne and Cusbert estimate a state-space model that points to a current NAIRU near 5% and weaker feedback from past inflation. Third, Gross tests alternative state-space specifications, clustering the NAIRU in the 4%–5% range and supporting a 4.5% benchmark. Finally, Dawkins and Garnaut propose a pragmatic test: tighten conditions until wage pressure lifts inflation. Together, the papers compare methods, weigh the evidence, and set out the policy trade-offs in today's NAIRU debate.</p>","PeriodicalId":46348,"journal":{"name":"Australian Economic Review","volume":"58 3","pages":"222-223"},"PeriodicalIF":1.0000,"publicationDate":"2025-09-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1467-8462.70032","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Australian Economic Review","FirstCategoryId":"96","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1111/1467-8462.70032","RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"ECONOMICS","Score":null,"Total":0}
引用次数: 0
Abstract
This policy forum examines the Australian NAIRU, a key measure in describing the relationship between labour market slack and inflation, through four complementary lenses. First, Borland and Harris evaluate the RBA's dashboard-style, narrative approach to gauging labour-market slack. Second, Ballantyne and Cusbert estimate a state-space model that points to a current NAIRU near 5% and weaker feedback from past inflation. Third, Gross tests alternative state-space specifications, clustering the NAIRU in the 4%–5% range and supporting a 4.5% benchmark. Finally, Dawkins and Garnaut propose a pragmatic test: tighten conditions until wage pressure lifts inflation. Together, the papers compare methods, weigh the evidence, and set out the policy trade-offs in today's NAIRU debate.
期刊介绍：
An applied economics journal with a strong policy orientation, The Australian Economic Review publishes high-quality articles applying economic analysis to a wide range of macroeconomic and microeconomic topics relevant to both economic and social policy issues. Produced by the Melbourne Institute of Applied Economic and Social Research, it is the leading journal of its kind in Australia and the Asia-Pacific region. While it is of special interest to Australian academics, students, policy makers, and others interested in the Australian economy, the journal also considers matters of international interest.
求助内容：
应助结果提醒方式：
京公网安备 11010802042870号
