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Steepness and Deepness in the Australian Macroeconomy

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Author Info
Bodman, Philip M

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Abstract

This study uses nonparametric tests--the triples test and the BDS test--to examine whether key Australian macroeconomic aggregates exhibit nonlinearities and important "steepness" and "deepness" asymmetries at the business cycle frequency. Evidence is found of nonlinearities but there is little evidence of deepness in the Australian macroeconomy. However, there is evidence of steepness, especially concerning labour market variables, as well as both the CPI and M3. The evidence suggests that unemployment (employment) rises (falls) rapidly in recessions and only recovers slowly over time. Also, positive asymmetries in M3 are reflected in similar asymmetries in the CPI but not in output, consumption or investment. Copyright 2001 by Taylor and Francis Group

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Publisher Info
Article provided by Taylor and Francis Journals in its journal Applied Economics.

Volume (Year): 33 (2001)
Issue (Month): 3 (February)
Pages: 375-82
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Handle: RePEc:taf:applec:v:33:y:2001:i:3:p:375-82

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  1. Lamey, L. & Deleersnyder, B. & Dekimpe, M.G. & Steenkamp, J.B.E.M., 2005. "The Impact of Business-Cycle Fluctuations on Private-Label Share," Research Paper ERS-2005-061-MKT Revision, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus Uni. [Downloadable!]
  2. Gunnar Bårdsen & Stan Hurn & Zoë McHugh, 2002. "A smooth-transition model of the Australian unemployment rate," Working Paper Series 1002, Department of Economics, Norwegian University of Science and Technology, revised 01 Jul 2003. [Downloadable!]
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