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The unemployment rate in Australia is modelled as an asymmetric and nonlinear function of aggregate demand, productivity, real interest rates, the replacement ratio and the real exchange rate. If changes in unemployment are big, the management of of demand, real interest rates and the replacement ratio will be good instruments to start bringing it down. The model is developed by exploiting recent developments in automated model-selection procedures.
Published Online: 2012-1-18
©2012 Walter de Gruyter GmbH & Co. KG, Berlin/Boston
