| Description |
1 online resource (33 pages) |
| Series |
IMF Working Papers, 1018-5941 ; WP/17/124 |
|
IMF working paper ; WP/17/124.
|
| Contents |
Cover -- TABLE OF CONTENTS -- Abstract -- I. Introduction -- II. Does Higher Long-Term Unemployment Indicate More Labor Market Frictions? -- III. What Are the Implications Of Greater Labor Market Flexibility for Labor Market Slack and Wages? -- IV. Have Sectoral Shifts in Labor Affected Labor Productivity? -- V. How Did States' Labor Markets Adjust to the Commodity Price and Mining Investment Cycle? -- VI. Summary and Conclusion -- FIGURES -- 1. Key Real Sector and Labor Market Developments -- 2. Structural Unemployment -- 3. Cyclical Adjustment in Labor Input -- 4. Differences in Sectoral Cyclical Adjustment in Labor Input -- 5. Part-time Work, Hours Worked, and Underemployment -- 6. Wages and Labor Market Slack -- 7. Share in Aggregate Hours Worked -- 8. Sectoral Average Hours and Employment Changes -- 9. Share in Aggregate Hours and Labor Productivity -- 10. Labor Market Developments in States -- 11A. Impulse Responses to 1% State-Specific Employment Shock -- 11B. Impulse Responses to 1% Employment Shock -- 12. Historical Decomposition of Employment Growth -- APPENDICES -- I. Fitting a Beveridge Curve for Australia -- II. Cyclical Features of Labor Market Adjustment -- III. Role of Migration in States' Labor Market Adjustment -- References |
| Summary |
Labor markets in Australia have adjusted smoothly to significant declines in commodity prices with little increase in unemployment. This paper examines several aspects of the adjustment, focusing on (i) evidence of increased labor market frictions following the commodity price decline; (ii) flexibility in labor input adjustment in response to demand shocks; (iii) changes in labor productivity in the wake of resource reallocation with the decline in mining investment, (iv) and the role of migration in adjusting to the commodity price and mining investment cycle. We find little evidence of increased labor market frictions with the decline in commodity prices. The relatively smooth transition has been assisted by increased flexibility in adjustment of worker hours over time. Labor productivity growth has sustained its historical average through the transition, despite some temporary drag as the economy rebalances. Finally, migration has played a key role in labor market adjustment through the commodity cycle |
| Bibliography |
Includes bibliographical references and index |
| Notes |
Print version record |
| Subject |
Manpower policy -- Australia
|
|
Labor supply -- Australia
|
|
BUSINESS & ECONOMICS -- Labor.
|
|
POLITICAL SCIENCE -- Labor & Industrial Relations.
|
|
Labor supply
|
|
Manpower policy
|
|
Australia
|
| Form |
Electronic book
|
| ISBN |
1484301765 |
|
9781484301760 |
|
1484302095 |
|
9781484302095 |
|
