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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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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

Comparison to Aggregate Models

1 Aug 2021 RDP 2021-09
James Bishop and Emma Greenland
What is clear, however, is that labour migration is an adjustment mechanism for reducing differentials in labour market conditions across regions. ... Debelle and Vickery (1998) find that migration does play a role in equalising labour market conditions
https://www.rba.gov.au/publications/rdp/2021/2021-09/comparison-to-aggregate-models.html

Introduction

1 Aug 2021 RDP 2021-09
James Bishop and Emma Greenland
is at what point spare capacity in the labour market will be absorbed and, as a result, when will there be a sustained increase in wages growth (Lowe 2021). ... As a benchmark, we first estimate a linear wage Phillips curve using data from 291 local
https://www.rba.gov.au/publications/rdp/2021/2021-09/introduction.html

Benchmark Linear Model

1 Aug 2021 RDP 2021-09
James Bishop and Emma Greenland
In this model, there is no nonlinearity: the slope of the Phillips curve is the same irrespective of labour market conditions. ... The model includes region fixed effects to control for any permanent differences in wages growth and labour market
https://www.rba.gov.au/publications/rdp/2021/2021-09/benchmark-linear-model.html

Is the Phillips Curve Still a Curve?

1 Aug 2021 RDP 2021-09
James Bishop and Emma Greenland
States with unusually tight labour markets shed light on the slope of the Phillips curve when unemployment is very low. ... 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/is-the-phillips-curve-still-a-curve.html

Background on the Phillips Curve and the RBA's Modelling Approach

1 Aug 2021 RDP 2021-09
James Bishop and Emma Greenland
inflation when the labour market is tight as it does when the labour market has plenty of spare capacity. ... Standard models of the labour market also imply such nonlinearity (Petrosky-Nadeau and Zhang 2017).
https://www.rba.gov.au/publications/rdp/2021/2021-09/background-on-the-phillips-curve-and-the-rbas-modelling-approach.html