Paper Summary:

The writer of this paper seeks to compare and contrast the economic growth, unemployment and/or inflation of two or more countries to each other. With this in mind, the paper's author compares and contrasts Australia and the United States in relation to economic growth, inflation and unemployment rates. The paper's writer first presents an overview of the two economies before comparing and contrasting them. The paper is accompanied by a number of graphs.

Outline:
Introduction
Overview Of Australia's Economy
Overview Of U.S. Economy
Unemployment Rates & Inflation Rates Compared And Contrasted
Summary
Bibliography

From the Paper:

"Because employment rates do impact inflationary rates during times of change and in times specifically when unemployment rates rise it is necessary specifically during these times to inform the public through clear policy and expectations as to what is expected thereby cushioning the shock of the impacts of unemployment on inflation rates. There has however, been research reviewed in this study that shows that use of an inflation target is most useful to understand when lower of prices can result in a benefit to levels of employment."

Sample of Sources Used:

• Barro, R.J. and D.B. Gordon (1983), 'A Positive Theory of Monetary Policy in a Natural RateModel', Journal of Political Economy, 91(4), pp. 589-610.
• Crosby, M. and N. Olekalns (1996), 'Inflation, Unemployment and the NAIRU in Australia',Melbourne Institute Working Paper Series No. 7/97.
• McDonald, I.M. (1995), 'Models of the Range of Equilibria' in R. Cross (ed.), The Natural Rateof Unemployment: Reflections on 25 Years of the Hypothesis, Cambridge University Press,London, pp. 101-152.
• McDonald, I.M. (1997), 'Australia's Inflation Target and the Shape of the Short-Run PhillipsCurve', paper presented at the Macroeconomics Workshop, University of New South Wales,3-5 April.
• McDonald, I.M. and H. Sibly (1997), 'Loss Aversion and the Non-neutrality of Money',University of Melbourne, mimeo.

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