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RBA Glossary definition for labour market

labour market – A collective term for employment, unemployment, participation rates and wages.

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Appendix B: Local Labour Market Definitions

1 Aug 2021 RDP 2021-09
James Bishop and Emma Greenland
within each local labour market (and less correlated across different local labour markets). ... labour markets would comprise regions with less synchronised market conditions.
https://www.rba.gov.au/publications/rdp/2021/2021-09/appendix-b.html

Data

1 Aug 2021 RDP 2021-09
James Bishop and Emma Greenland
Another option would be to use the ABS ‘Statistical Area’ classifications to represent local labour markets. ... SA3s are also designed with administrative boundaries, rather than labour markets, in mind.
https://www.rba.gov.au/publications/rdp/2021/2021-09/data.html

Is the Phillips Curve Still a Curve? Evidence from the Regions

31 Aug 2021 RDP 2021-09
James Bishop and Emma Greenland
Standard models of the labour market also imply such nonlinearity (Petrosky-Nadeau and Zhang 2017). ... Our data cover 291 local labour markets at annual frequency over a 20-year period.
https://www.rba.gov.au/publications/rdp/2021/2021-09/full.html

Is the Phillips Curve Still a Curve? Evidence from the Regions

31 Aug 2021 RDP 2021-09
James Bishop and Emma Greenland
To help fill this gap, we study data on unemployment rates and wages growth across local labour markets over the past 20 years. ... The considerable variation in economic conditions across local labour markets allows us to infer the strength of the
https://www.rba.gov.au/publications/rdp/2021/2021-09.html

Robustness

1 Aug 2021 RDP 2021-09
James Bishop and Emma Greenland
This could affect our results if these compositional effects vary with the degree of labour market slack. ... observe in a tight labour market may simply reflect people working more hours on average, not increases in hourly wages.
https://www.rba.gov.au/publications/rdp/2021/2021-09/robustness.html

Appendix C: Geographic Classifications and Robustness

1 Aug 2021 RDP 2021-09
James Bishop and Emma Greenland
Table C1: Robustness to Alternative Local Labour Market Classifications. Linear spline with kink at 4 per cent unemployment, 1998/99–2017/18. ... Our estimates are also robust to using SA4s to represent local labour markets (third column of Table C1).
https://www.rba.gov.au/publications/rdp/2021/2021-09/appendix-c.html

Is the Phillips Curve Still a Curve? Evidence from the Regions

31 Aug 2021 RDP 2021-09
James Bishop and Emma Greenland
https://www.rba.gov.au/publications/rdp/2021/2021-09/sections.html

Conclusion

1 Aug 2021 RDP 2021-09
James Bishop and Emma Greenland
The lack of historical experience of very low unemployment rates means that studying local labour markets in Australia is a fruitful way of understanding the nature of the Phillips curve at ... Although reliable CPI data are not available at the local
https://www.rba.gov.au/publications/rdp/2021/2021-09/conclusion.html

Non-technical summary for ‘Is the Phillips Curve Still a Curve? Evidence from the Regions’

31 Aug 2021 RDP 2021-09
James Bishop and Emma Greenland
To overcome this issue, we examine the relationship between wages growth and unemployment in 291 local labour markets across Australia over the past 20 years. ... data for local labour markets, so we restrict our analysis to the wages Phillips curve.
https://www.rba.gov.au/publications/rdp/2021/2021-09/non-technical-summary.html

References

1 Aug 2021 RDP 2021-09
James Bishop and Emma Greenland
Debelle G and J Vickery (1998), ‘Labour Market Adjustment: Evidence on Interstate Labour Mobility’, RBA Research Discussion Paper No 9801. ... Lowe P (2021), ‘The Labour Market and Monetary Policy’, Address to the Economic Society of Australia
https://www.rba.gov.au/publications/rdp/2021/2021-09/references.html