Showing 1 - 10 of 425
It is frequently argued that an increase in the rate of growth of money or credit will lead to an increase in economic activity. This paper addresses this issue by looking at the lead/lag relationship between a range of financial aggregates and several measures of economic activity for Australia...
Persistent link: https://www.econbiz.de/10005423533
This paper focusses on the empirical relationship between financial indicators (monetary and credit aggregates and short-term interest rates) and measures of economic activity. It aims to supplement an earlier paper by Bullock, Morris and Stevens (1988) (BMS), which explored these issues. BMS...
Persistent link: https://www.econbiz.de/10005423679
This paper adopts a simple econometric approach to estimate the effects of exchange rate changes on the rate of inflation in Australia. It uses a mark-up model of price determination, in which output costs are determined by input prices. The analysis suggests that imported cost pressures have...
Persistent link: https://www.econbiz.de/10005423560
This paper is part of a larger project which looks at monetary policy and the economy. The object of the present paper is to serve as an introduction to and description of some key empirical regularities, without seeking to describe how monetary policy exerts its influence, or how this may have...
Persistent link: https://www.econbiz.de/10005426679
This paper outlines the inflation objective for monetary policy in Australia, which we describe as seeking to achieve a broad central tendency for inflation of between 2 and 3 per cent over the long run – a “thick point” – rather than a narrow target band. It also provides a more...
Persistent link: https://www.econbiz.de/10005426740
This paper reports estimation and testing of general lag formulations of demand for M1, M3 and broad money (BM) using new data for the own rates of return on money. Own rate effects have become more important in the recently-deregulated financial environment. Own interest rates are found to be...
Persistent link: https://www.econbiz.de/10005426713
No abstract available
Persistent link: https://www.econbiz.de/10005423480
One of the recurring themes in the literature on financial systems is whether financial integration – that is, openness in the domestic and international financial system – has real, structural economic effects. This paper examines the effect of financial openness on the consumption of...
Persistent link: https://www.econbiz.de/10005423481
This paper considers whether capital is a significant constraint on employment in Australia. We calculate the level of capital-constrained employment for ten sectors of the Australian economy. The calculations suggest that the manufacturing; mining; transport, storage and communication and...
Persistent link: https://www.econbiz.de/10005423482
The two recently developed Australian indexes of leading indicators have received much attention in the press. Despite this, relatively little is known about their usefulness in forecasting the associated indexes of coincident indicators (i.e., measures of the business cycle) or any activity...
Persistent link: https://www.econbiz.de/10005423483