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Currency Crises and Macroeconomic Performance

Gower, Luke; Krause, Alan - Reserve Bank of Australia - 2002

This paper presents some theory and evidence on the implications of sudden currency depreciations for output and …

Persistent link: https://www.econbiz.de/10005423613

Gruen, David; Pagan, Adrian; Thompson, Christopher - Reserve Bank of Australia - 1999

In this paper we discuss the development of Phillips curves in Australia over the forty years since Phillips first estimated one using Australian data. We examine the central issues faced by researchers estimating Australian Phillips curves. These include the distinction between the short and...

Persistent link: https://www.econbiz.de/10005426716

Inflation Targeting and the Inflation Process: Some Lessons from an Open Economy

Debelle, Guy; Wilkinson, Jenny - Reserve Bank of Australia - 2002

In an open economy inflation-targeting framework, whether policy-makers should target aggregate or non-traded inflation depends on the structural relationships in the economy. This paper shows that in a small empirical model of the Australian economy, it makes little difference which measure is...

Persistent link: https://www.econbiz.de/10005423601

The Role of Credit Supply in the Australian Economy

Jacobs, David; Rayner, Vanessa - Reserve Bank of Australia - 2012

vector autoregression approach. We estimate that a one standard deviation shock to the balance of firms reporting difficulty … obtaining finance (a 'credit supply shock') reduces Australian GDP by almost ⅓ per cent after one year and gross national …

Persistent link: https://www.econbiz.de/10010990950

Australia's Prosperous 2000s: Housing and the Mining Boom

Kearns, Jonathan; Lowe, Philip - Reserve Bank of Australia - 2011

The 2000s was a particularly eventful decade for both the international and Australian economies. There were: two recessions in many countries; the largest international financial crisis since the Great Depression; the ongoing rapid development of Asia; asset booms and busts; and, Australia...

Persistent link: https://www.econbiz.de/10009393020

A Small Model of the Australian Macroeconomy

Beechey, Meredith; Bharucha, Nargis; Cagliarini, Adam; … - Reserve Bank of Australia - 2000

This paper presents a small model of the Australian macroeconomy. The model is empirically based, aggregate in nature and consists of five estimated equations – for non-farm output, the real exchange rate, import prices, unit labour costs and consumer prices. The stylised facts underlying each...

Persistent link: https://www.econbiz.de/10005125144

Real-time National Accounts Data

Stone, Andrew; Wardrop, Sharon - Reserve Bank of Australia - 2002

Quarterly national accounts data are amongst the most important and eagerly awaited economic information available, with estimates of recent growth regarded as a key summary indicator of the current health of the Australian economy. Official estimates of quarterly output are, however, subject to...

Persistent link: https://www.econbiz.de/10005125145

Forward-looking Behaviour and Credibility: Some Evidence and Implications for Policy

Brouwer, Gordon de; Ellis, Luci - Reserve Bank of Australia - 1998

Whether people form their expectations of the future in a model-consistent or extrapolative manner, has implications for the way the economy and monetary policy are modelled. The first half of this paper provides three pieces of information about inflation expectations – that survey measures...

Persistent link: https://www.econbiz.de/10005423502

Monetary Policy-making in the Presence of Knightian Uncertainty

Cagliarini, Adam; Heath, Alexandra - Reserve Bank of Australia - 2000

This paper explores the extent to which Knightian uncertainty can explain features of interest rate paths observed in practice that are not generally replicated by models of optimal monetary policy. Interest rates tend to move in a sequence of steps in a given direction, or remain constant for...

Persistent link: https://www.econbiz.de/10005423509

Credit and Monetary Policy: An Australian SVAR

Berkelmans, Leon - Reserve Bank of Australia - 2005

that in responding to the macroeconomic consequences of a credit shock, monetary policy appears to stabilise the economy … effectively. As a result of monetary policy’s response, output and the exchange rate are barely affected by a credit shock. The … credit shock results in higher inflation for about two years, but it would be higher still over this period in the absence of …

Persistent link: https://www.econbiz.de/10005423512