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What Does the Taylor Rule Say About a New Zealand-Australia Currency Union? Author info | Abstract | Publisher info | Download info | Related research | Statistics NILS BJÖRKSTEN
ÖZER KARAGEDIKLI
CHRISTOPHER PLANTIER
ARTHUR GRIMES
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It has been suggested that the New Zealand economy may have similar characteristics and face similar shocks to some Australian states, so lowering the costs of a trans-Tasman currency union. We test this, under the assumption that differences in Taylor rule-implied interest rate paths for different regions give an indication of differences in aggregate shocks that hit different economies. We compare implied Taylor rule interest rates for each of the Australian states to implied Taylor rule rates for New Zealand. We also compare them to realised 90-day rates. We find that the Taylor rule-implied rates in Australian states and in New Zealand are similarly correlated with actual Australian interest rates. Copyright © 2004 Economic Society of Australia..
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Article provided by The Economic Society of Australia in its journal The Economic Record .
Volume (Year): 80 (2004)
Issue (Month): s1 (09)
Pages: S34-S42
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