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RBA Glossary definition for capital market

capital market – A market for medium to long-term financial instruments. Financial instruments traded in the capital market include shares, and bonds issued by the Australian Government, State governments, corporate borrowers and financial institutions.

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Did Labour Market Concentration Lower Wages Growth Pre-COVID?

1 Mar 2023 RDP 2023-02
Jonathan Hambur
Research Discussion Paper – RDP 2023-02 Did Labour Market Concentration Lower Wages Growth Pre-COVID? ... This may help explain surprisingly low wages growth pre-COVID, despite labour market concentration having remained constant.
https://www.rba.gov.au/publications/rdp/2023/2023-02.html

Appendix A: Additional charts and tables

1 Mar 2023 RDP 2023-02
Jonathan Hambur
0.103. 75th percentile. 0.584. 0.133. Note: Reports summary statistics for local labour markets. ... Source: Author's calculations. Figure A5: Average employment HHI over time, SA4/Greater Capital City location.
https://www.rba.gov.au/publications/rdp/2023/2023-02/appendix-a.html

Did Labour Market Concentration Lower Wages Growth Pre-COVID?

1 Mar 2023 RDP 2023-02
Jonathan Hambur
So even within markets there is a great deal of variation in market power and markdowns. ... Errors clustered at the local market level. One potential explanation could be softer labour markets.
https://www.rba.gov.au/publications/rdp/2023/2023-02/full.html

Appendix B: Regression robustness results

1 Mar 2023 RDP 2023-02
Jonathan Hambur
Download the Paper 1.8. MB. Table B1: Fixed effects – Local market model. ... Location. Working Zone. Working Zone. SA4/Greater capital area. Working Zone. Concentration (HHI).
https://www.rba.gov.au/publications/rdp/2023/2023-02/appendix-b.html

Data

1 Mar 2023 RDP 2023-02
Jonathan Hambur
RDP 2023-02: Did Labour Market Concentration Lower Wages Growth Pre-COVID? 3. ... I focus on the market sector, removing the public administration, health and education industries.
https://www.rba.gov.au/publications/rdp/2023/2023-02/data.html

Introduction

1 Mar 2023 RDP 2023-02
Jonathan Hambur
RDP 2023-02: Did Labour Market Concentration Lower Wages Growth Pre-COVID? 1. ... But even within markets there is a lot of variation. Larger firms tend to exert more market power and, therefore, set lower wages (after accounting for differences in
https://www.rba.gov.au/publications/rdp/2023/2023-02/introduction.html

Conclusion

1 Mar 2023 RDP 2023-02
Jonathan Hambur
RDP 2023-02: Did Labour Market Concentration Lower Wages Growth Pre-COVID? 7. ... Overall, this paper has demonstrated that the increasing impact of labour market concentration may have weighed on wages growth pre-COVID, subtracting a bit under 1 per
https://www.rba.gov.au/publications/rdp/2023/2023-02/conclusion.html

Did Labour Market Concentration Lower Wages Growth Pre-COVID?

1 Mar 2023 RDP 2023-02
Jonathan Hambur
https://www.rba.gov.au/publications/rdp/2023/2023-02/read-me.html

Did Labour Market Concentration Lower Wages Growth Pre-COVID?

1 Mar 2023 RDP 2023-02
Jonathan Hambur
https://www.rba.gov.au/publications/rdp/2023/2023-02/sections.html

How concentrated are Australian markets?

1 Mar 2023 RDP 2023-02
Jonathan Hambur
Assessing whether labour markets are highly concentrated is difficult given the lack of clear guidance on what constitutes a ‘concentrated’ market. ... However, these market account for only around 14 per cent of workers, as smaller markets are,
https://www.rba.gov.au/publications/rdp/2023/2023-02/how-concentrated-are-australian-markets.html