Low wage growth since the global financial crisis (GFC) has been puzzling a number of central banks. Our senior economist Ozer Karagedikli and his co-authors find a compelling explanation, by using New Zealand data, for low wage inflation since the GFC is the relatively low number of people switching jobs. Job switching offers a more comprehensive view of labour market and wage growth interaction than is offered by standard measures such as the unemployment rate, they argue. The paper can be found on the Reserve Bank of New Zealand website.
Launch of the SEACEN Economic Modelling Network (EMN)
In today’s rapidly evolving global environment, central banks are operating under increasing uncertainty. Persistent inflation pressures, volatile capital flows, financial market fragmentation, and the rise of digital finance have made
