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Household borrowing has grown considerably in many countries over the past two decades, both in absolute terms and relative to household incomes. Much of the increase can be viewed as a rational response by households to the effects of easing liquidity constraints on households, and lower inflation and borrowing rates. Regardless of whether the increase in… (More)
This paper owes a great deal to Doug Laxton. We also thank Phil Lowe, Glenn Stevens and participants in a seminar at the Reserve Bank of Australia for helpful comments. The views expressed in this paper are those of the authors and not necessarily those of the Reserve Bank of Australia. Use of any results from this paper should clearly attribute the work to… (More)
The opinions expressed here are those of the authors and should not be attributed to the Reserve Bank of Australia. We are indebted to a number of colleagues for helpful discussion, particularly Palle Andersen, David Gruen, Philip Lowe and Jenny Wilkinson. We also thank John Simon for excellent assistance with computing.
In this paper we investigate the empirical relationship between four measures of central bank independence and macroeconomic performance. We look at both the mean and the variance of output and inflation for twenty industrial countries (Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Ireland, Italy, Japan, the Netherlands, New… (More)
Primary faecal incontinence (encopresis) in children is usually treated with laxative medication and a behaviour modification programme aimed at promoting regular toileting, but the effectiveness of laxatives has never been adequately investigated. 169 children with encopresis and evidence of stool on plain abdominal radiograph were randomly allocated to… (More)
participants in a seminar at the Reserve Bank of Australia for valuable input. The views expressed in this paper are those of the authors and not necessarily those of the Reserve Bank of Australia. Use of any results from this paper should clearly attribute the work to the authors and not to the Reserve Bank of Australia.
A macroeconomic examination of unemployment obscures much of the rich detail that underpins the labour market. Nevertheless, it enables us to analyse the broad trends that have occurred over the past twenty years on both the demand and supply sides of the labour market. In the next section we examine these trends at an aggregate level. The aggregate… (More)
The views expressed are those of the authors and do not necessarily reflect those of the Reserve Bank of Australia.
This paper uses industry-level data to analyse labour-productivity growth over the past decade and a half. It focuses on the role of the service sector in determining the strength of productivity growth. In particular, it examines the factors that led to falling labour-productivity in the retail and wholesale trade and the personal and other services… (More)
We thank David Gruen and Geoff Shuetrim for comments. The views expressed in this paper are those of the authors and do not necessarily reflect the views of the Reserve Bank of Australia.