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Labor Market Adjustments to Shocks in Australia. / Adil Mohommad.

By: Contributor(s): Material type: TextTextSeries: IMF Working PapersPublication details: Washington, D.C. : International Monetary Fund, 2017.Description: 1 online resource (33 pages)Content type:
  • text
Media type:
  • computer
Carrier type:
  • online resource
ISBN:
  • 1484301765
  • 9781484301760
  • 1484302095
  • 9781484302095
Subject(s): Genre/Form: Additional physical formats: Print Version:: Labor Market Adjustments to Shocks in Australia.DDC classification:
  • 331.12/0994 23
LOC classification:
  • HD8841.B872
Online resources: Abstract: Labor markets in Australia have adjusted smoothly to significant declines in commodity prices with little increase in unemployment. This paper examines several aspects of the adjustment, focusing on (i) evidence of increased labor market frictions following the commodity price decline; (ii) flexibility in labor input adjustment in response to demand shocks; (iii) changes in labor productivity in the wake of resource reallocation with the decline in mining investment, (iv) and the role of migration in adjusting to the commodity price and mining investment cycle. We find little evidence of increased labor market frictions with the decline in commodity prices. The relatively smooth transition has been assisted by increased flexibility in adjustment of worker hours over time. Labor productivity growth has sustained its historical average through the transition, despite some temporary drag as the economy rebalances. Finally, migration has played a key role in labor market adjustment through the commodity cycle.
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Labor markets in Australia have adjusted smoothly to significant declines in commodity prices with little increase in unemployment. This paper examines several aspects of the adjustment, focusing on (i) evidence of increased labor market frictions following the commodity price decline; (ii) flexibility in labor input adjustment in response to demand shocks; (iii) changes in labor productivity in the wake of resource reallocation with the decline in mining investment, (iv) and the role of migration in adjusting to the commodity price and mining investment cycle. We find little evidence of increased labor market frictions with the decline in commodity prices. The relatively smooth transition has been assisted by increased flexibility in adjustment of worker hours over time. Labor productivity growth has sustained its historical average through the transition, despite some temporary drag as the economy rebalances. Finally, migration has played a key role in labor market adjustment through the commodity cycle.

Print version record.

Includes bibliographical references and index.

Master record variable field(s) change: 050, 072, 082, 650 - OCLC control number change

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