This paper makes three contributions to the literature on dynamic factor analysis. Firstly, we investigate the identification problem for a general class of causal dynamic factor model and provide conditions under which the model is identified. Secondly, we present an analytical expression for...

Monetary policy may be effective in stabilising income via the real balance effect and the exchange rate channel. Even though interest rates of government bonds are subject to a zero lower bound, fiscal and monetary policy may be employed to change Tobin's q in a multi-asset model and thereby...

It is believed that changes in the varieties of an imported product might have effects on the import price index for the product that are similar to the effects of new goods on the cost of living. Recently, a new index number formula that incorporates the effects of new goods has been suggested...

This paper assesses critically recent proposals for tax reform of superannuation in Australia against criteria of efficiency, equity, administrative complexity and revenue impact. The main conclusion reached is to support the general thrust of reform, including the removal of multi-stage...

In late 2003 and early 2004 the Economic Society of Australia surveyed the Heads of Economics Departments in Australia to determine their views on three main issues: student standards, major factors affecting these standards, and policy implications. This paper describes the main results of the...

The purpose of this paper is to bring to light the efforts to fashion a central bank in Burma during the years in which the country was a province of British India. Throughout this period, which lasted from 1886 to 1937, questions of money and finance in Burma were mostly the preserve of the Raj...

The Fisher hypothesis has been a much debated topic. Over the years the hypothesis debated and the techniques used have changed. While the majority of early studies on the Fisher effect concentrated primarily on confirming the long and distributed lag in expectations formation, subsequent work...

This paper examines the sensitivity of inequality and poverty measures to the adult equivalence scale and the unit of analysis. Comparisons are made using parametric equivalence scales, and income units include individuals, equivalent adults and households. The role of the correlation between...

The estimation of income distributions is important for assessing income inequality and poverty and for making comparisons of inequality and poverty over time, countries and regions, as well as before and after changes in taxation and transfer policies. Distributions have been estimated both...