By K. Holden, etc., D. Peel, John L. Thompson
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Extra resources for The Economics of Wage Controls
The Australian dollar was devalued by 10 per cent. A national economic summit conference was held in April and resulted in an agreement to return to centralised wage fixing and to set up a prices surveillance authority. In September 1983 the return to half-yearly indexation was confirmed in the decision on the national wage case and the pay pause ended. 2 per cent and no wage case was heard. A joint union/government working party agreed on tax cuts as part of the Accord and these were announced in the August budget.
This assumption may be invalid. For example, suppose X 1 is the variable p. One of the usual reasons for imposing an incomes policy (as we saw in Chapter 1) is to break the link between wand p. If, in the absence of an incomes policy a. 0, the effect of the policy might be to change a. 5 with the result that for any given value of p, the wage change, w, is proportionately smaller. This possibility can be incorporated by introducing both additive (or intercept) dummies and also slope (or multiplicative) dummies.
The range of expectational variables arises from the difference between the product wage paid by employers and the real wage received by employees. The product wage includes employers' social security contributions paid at a rate 'Fe on the nominal wage W, and is deflated by the wholesale price which firms receive for their output Pe. Employees' income tax and social security contributions are paid at the effective rate, 1;;, and their real wage is defined in terms of the retail price index, Pc.