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The Phillips Curve in Australia
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
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Is the Phillips Curve a Curve? Some Evidence and Implications for Australia
Debelle, Guy; Vickery, James - Reserve Bank of Australia - 1997
The Phillips curve has generally been estimated in a linear framework. This paper investigates the possibility that the Phillips curve is indeed a curve, and shows that a convex short-run Phillips curve may be a more accurate representation of reality than the traditionally used linear...
Persistent link: https://www.econbiz.de/10005423618
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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
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A Small Model of the Australian Macroeconomy: An Update
Stone, Andrew; Wheatley, Troy; Wilkinson, Louise - Reserve Bank of Australia - 2005
Almost a decade ago David Gruen and Geoff Shuetrim constructed a small macroeconomic model of the Australian economy. A comprehensive description of this model was subsequently provided by Beechey <em>et al</em> (2000). Since that time, however, the model has continued to evolve. This paper provides an...
Persistent link: https://www.econbiz.de/10005423570
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Inflation Convergence Across Countries
Hyvonen, Markus - Reserve Bank of Australia - 2004
Ball and Sheridan (forthcoming) show that OECD countries with a history of high inflation before the 1990s have subsequently experienced a larger degree of disinflation than countries with a history of low inflation. They label this process ‘regression to the mean’, and argue that it...
Persistent link: https://www.econbiz.de/10005423647
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Asset-price Bubbles and Monetary Policy
Kent, Christopher; Lowe, Philip - Reserve Bank of Australia - 1997
In this paper we develop a theoretical framework that helps to analyse the role of monetary policy in responding to asset-price bubbles. A large and rapid fall in the nominal price of assets that form the basis of collateral for loans from financial intermediaries can have adverse effects on...
Persistent link: https://www.econbiz.de/10005423538
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Component-smoothed Inflation: Estimating the Persistent Component of Inflation in Real Time
Gillitzer, Christian; Simon, John - Reserve Bank of Australia - 2006
CPI items, it smoothes components of the CPI based on their volatility – CPI expenditure weights are maintained for all … fuel are smoothed a lot. This removes much of the temporary volatility in the CPI while retaining most of the persistent …
Persistent link: https://www.econbiz.de/10005423549
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The Performance of Trimmed Mean Measures of Underlying Inflation
Brischetto, Andrea; Richards, Anthony - Reserve Bank of Australia - 2006
This paper uses data for Australia, the United States, Japan and the euro area to examine the relative performance of the headline CPI, exclusion-based ‘cores’, and trimmed means as measures of underlying inflation. Overall, we find that trimmed means tend to outperform headline and...
Persistent link: https://www.econbiz.de/10005426687
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Declining Output Volatility: What Role for Structural Change?
Kent, Christopher; Smith, Kylie; Holloway, James - Reserve Bank of Australia - 2005
The decline in output volatility in a number of countries over the past few decades has been well-documented, though … volatility. We suggest that reforms in product and labour markets can reduce volatility of aggregate output by encouraging … output volatility. Our estimates are reasonably robust to a number of alternative specifications, including those that …
Persistent link: https://www.econbiz.de/10005423569
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Effective Real Exchange Rates and Irrelevant Nominal Exchange-rate Regimes
Kent, Christopher; Naja, Rafic - Reserve Bank of Australia - 1998
We examine the relationship between the short-term volatility of the <em>effective</em> Real Exchange Rate (RER) and … in effective RER volatility when moving to more flexible exchange-rate regimes. Surprisingly, there are even some … countries for which volatility is lower under more flexible exchange-rate regimes. In part our findings reflect the fact that …
Persistent link: https://www.econbiz.de/10005426702