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An estimated New Keynesian policy model for Australia Author info | Abstract | Publisher info | Download info | Related research | Statistics Buncic, Daniel
Melecky, Martin
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An open economy New Keynesian policy model for Australia is estimated in this study. We investigate how important external shocks are as a source of macroeconomic fluctuations when compared to domestic ones. The results of our analysis suggest that the Australian business cycle and domestic inflation are most affected by domestic demand and supply shocks, respectively. However, domestic output also appears to be strongly affected by foreign demand shocks, and domestic inflation by exchange rate shocks. Domestic variables do not seem to be significantly affected by foreign supply and monetary policy shocks.
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number
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Date of creation: 08 Nov 2007Date of revision:
Handle: RePEc:pra:mprapa:4138Contact details of provider: Postal: Schackstr. 4, D-80539 Munich, Germany Phone: +49-(0)89-2180-2219 Fax: +49-(0)89-2180-3900 Web page: http://mpra.ub.uni-muenchen.de More information through EDIRC
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Keywords: New Keynesian Policy Modelling ; Small Open Economy Model ; Australia ; US ; Bayesian Estimation. ; Other versions of this item:
Find related papers by JEL classification: E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General E37 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Forecasting and Simulation F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
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