Lye, Jenny N.; McDonald, Ian M. - In: Australian Economic Review 39 (2006) 3, pp. 239-256
The major failures of macroeconomic policy in the last 40 years are the huge increases in unemployment and inflation in the 1970s and the persistence for 25 years of the former. This article uses econometric estimates of a model of the range of equilibria for Australia for the period 1965:4 to...