A Comparison of the Major Sectoral Results from the G-Cubed, Mm-Sectoral, Monash and Salter Models Following a Rise in Labour Productivity of 5% Oer Five Years

This paper provides an introductory comparison of the major sectoral results from the G-cubed, MM-sectoral, Monash, and Salter models, following an imposed increase in labour productivity. The increase is equivalent to 5% for the economy as a whole, and is phased in over a five year period. For individual sectors and industries, the shocks specifically reflect both the extent to which productivity gains from microeconomic reform have already taken place and the degree to which there remains potential for further improvements. This paper is presented with four objectives in mind:1. To set out a brief illustrative analytical framework to serve as a benchmark2. To highlight a number of relevant features, strengths and weaknesses for each of the four sectoral models3. To provide an introduction to key results for the four aggregated sectors, highlighting similarities and potential conflicts amongst them4. To present some summary outcomes and to suggest some issues which might be explored in future work