The Macroeconomic Consequences of Long‐Term Unemployment

Paul Flatau; Philip E.T. Lewis; Allison Rushton

doi:10.1111/j.1467-8462.1991.tb00402.x

The Macroeconomic Consequences of Long‐Term Unemployment

Paul Flatau, Philip E.T. Lewis, Allison Rushton

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Abstract

This article examines the linkages between long‐term unemployment and two important recent debates in Australia: first, whether unemployment exhibits hysteresis tendencies; second, the nature of the relationship between unemployment and real wages. Our findings favour the hysteresis account in that the evidence rejects an equilibrium relationship between long‐term and total unemployment. Also, the effect on real wages of an increase in the number of longterm unemployed is found to be both positive and significant. Copyright © 1991, Wiley Blackwell. All rights reserved

Original language	English
Pages (from-to)	48-56
Number of pages	9
Journal	Australian Economic Review
Volume	24
Issue number	4
DOIs	https://doi.org/10.1111/j.1467-8462.1991.tb00402.x
Publication status	Published - 1991

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10.1111/j.1467-8462.1991.tb00402.x

http://www.mendeley.com/research/macroeconomic-consequences-longterm-unemployment

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title = "The Macroeconomic Consequences of Long‐Term Unemployment",

abstract = "This article examines the linkages between long‐term unemployment and two important recent debates in Australia: first, whether unemployment exhibits hysteresis tendencies; second, the nature of the relationship between unemployment and real wages. Our findings favour the hysteresis account in that the evidence rejects an equilibrium relationship between long‐term and total unemployment. Also, the effect on real wages of an increase in the number of longterm unemployed is found to be both positive and significant. Copyright {\textcopyright} 1991, Wiley Blackwell. All rights reserved",

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AB - This article examines the linkages between long‐term unemployment and two important recent debates in Australia: first, whether unemployment exhibits hysteresis tendencies; second, the nature of the relationship between unemployment and real wages. Our findings favour the hysteresis account in that the evidence rejects an equilibrium relationship between long‐term and total unemployment. Also, the effect on real wages of an increase in the number of longterm unemployed is found to be both positive and significant. Copyright © 1991, Wiley Blackwell. All rights reserved

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