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A Medium-scale Open Economy Model of Australia

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Author Info
Jarkko Jääskelä (Reserve Bank of Australia)
Kristoffer Nimark (Reserve Bank of Australia)

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Abstract

We estimate an open economy dynamic stochastic general equilibrium (DSGE) model of Australia with a number of shocks, frictions and rigidities, matching a large number of observable time series. We find that both foreign and domestic shocks are important drivers of the Australian business cycle. We also find that the initial impact on inflation of an increase in demand for Australian commodities is negative, due to an improvement in the real exchange rate, though there is a persistent positive effect on inflation that dominates at longer horizons.

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Paper provided by Reserve Bank of Australia in its series RBA Research Discussion Papers with number rdp2008-07.

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Date of creation: Dec 2008
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Handle: RePEc:rba:rbardp:rdp2008-07

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Related research
Keywords: monetary policy;

Find related papers by JEL classification:
C11 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: General - - - Bayesian Analysis
E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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This page was last updated on 2009-11-9.

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