Please use this identifier to cite or link to this item: https://hdl.handle.net/1959.11/20423
Title: A New Keynesian SVAR model of the Australian economy
Contributor(s): Leu, Shawn  (author)orcid 
Publication Date: 2011
DOI: 10.1016/j.econmod.2010.09.015
Handle Link: https://hdl.handle.net/1959.11/20423
Abstract: We estimate an SVAR model for the Australian economybased on an open economy New Keynesian model that accounts for the forward-looking behaviour exhibited by economic agents. Deep structural parameters are identified by placing exclusion restrictions on the VAR residuals and the covariance matrix. Dynamic responses show no price and exchange rate puzzles and indicate that the Reserve Bank of Australia (RBA) stabilises output fluctuations in the short run while maintaining a medium-run inflation target since 1984. Aggregate demand shocks are found to be driven by external demands. The RBA exercises caution in responding to aggregate supply shocks
Publication Type: Journal Article
Source of Publication: Economic Modelling, 28(1-2), p. 157-168
Publisher: Elsevier BV
Place of Publication: Netherlands
ISSN: 1873-6122
0264-9993
Fields of Research (FoR) 2008: 140212 Macroeconomics (incl. Monetary and Fiscal Theory)
140305 Time-Series Analysis
140102 Macroeconomic Theory
Fields of Research (FoR) 2020: 380302 Macroeconomic theory
380205 Time-series analysis
380112 Macroeconomics (incl. monetary and fiscal theory)
Socio-Economic Objective (SEO) 2008: 910108 Monetary Policy
910104 Exchange Rates
910199 Macroeconomics not elsewhere classified
Socio-Economic Objective (SEO) 2020: 150208 Monetary policy
150204 Exchange rates
150299 Macroeconomics not elsewhere classified
Peer Reviewed: Yes
HERDC Category Description: C1 Refereed Article in a Scholarly Journal
Appears in Collections:Journal Article
UNE Business School

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