This paper explores a new approach to identifying the effects of monetary policy using high-frequency data around monetary policy decisions and other announcements that allows us to explore different facets of monetary policy.
Labour productivity growth is the key driver of living standards over the medium term. However, growth in labour productivity has slowed markedly over recent decades in Australia and other advanced economies, leading to slower growth in people’s incomes.
Prior to COVID-19, wages growth in Australia was somewhat lower than was expected based on historical determinants. This paper examines concentration in Australian labour markets and its impacts on wages using a large and representative database derived from administrative tax data.