, there is a renewed interest in the long-running debate about whether or not changes in the stock of money have direct … effects. In particular, do changes in money have additional effects on aggregate demand outside of those induced by changes in … structural model with no direct effects of money to show that the finding of positive and statistically significant coefficients …

Two remarkable features of the Australian economy over recent years have been strong growth in private consumption … expenditure and household wealth. This paper examines the relationship between consumption and wealth in an effort to better … understand aggregate consumption behaviour. We find a reasonably robust steady-state relationship between non …

This paper addresses the question of how changes in stock market wealth and housing wealth affect consumption … stock market wealth. We estimate the link between consumption and the components of wealth using panel-data estimation … housing wealth and stock market wealth have a significant effect on Australian consumption. We estimate that a permanent …

of the deficit have been offered, and to varying degrees we believe that all may have played a role: low private saving … prominently: private saving in the US is low because income growth is expected to be strong. We rework the standard neoclassical …

This paper examines the factors that drive corporate investment in Australia using a panel of listed companies covering … the period from 1990 to 2004. Real sales growth is found to be a significant determinant of corporate investment. The user … paper also explores the effects of cash flow on investment, allowing for the possibility that the availability of internal …

model it is found that, controlling for domestic expenditure (including investment), exports are a sizeable and significant …