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Monetary Policy in a Heterogeneous Monetary Union: The Australian Experience

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Author Info
Ernst Juerg Weber (UWA Business School, The University of Western Australia)

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Abstract

The geological and climatic conditions of the Australian continent have made Australia a heterogeneous monetary union. Manufacturing and service industries are located in the population centers in the temperate southeast, and mining and pastoral activities take place in the vast expanses of the interior and north. In a small open economy with easy access to international capital markets, monetary policy is transmitted through the exchange rate. Monetary policy affects the interior and north more strongly than the southeastern seaboard because primary goods are mainly exported, whereas services and manufactures are mostly consumed domestically. As a consequence, the Reserve Bank of Australia must reconcile the economic interests of the interior and north and the southeastern seaboard.

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File URL: http://www.biz.uwa.edu.au/home/research/discussionworking_papers/economics/2004?f=150998
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Paper provided by The University of Western Australia, Department of Economics in its series Economics Discussion / Working Papers with number 04-08.

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Length: 69 pages
Date of creation: 2004
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Handle: RePEc:uwa:wpaper:04-08

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Aksoy, Yunus & De Grauwe, Paul & Dewachter, Hans, 2002. "Do asymmetries matter for European monetary policy?," European Economic Review, Elsevier, vol. 46(3), pages 443-469, March. [Downloadable!] (restricted)
  2. Sims, Christopher A, 1980. "Macroeconomics and Reality," Econometrica, Econometric Society, vol. 48(1), pages 1-48, January. [Downloadable!] (restricted)
  3. Breusch, T S, 1978. "Testing for Autocorrelation in Dynamic Linear Models," Australian Economic Papers, Blackwell Publishing, vol. 17(31), pages 334-55, December.
  4. Huh, Hyeon-Seung, 1999. "How Well Does the Mundell-Fleming Model Fit Australian Data since the Collapse of Bretton Woods?," Applied Economics, Taylor and Francis Journals, vol. 31(3), pages 397-407, March. [Downloadable!] (restricted)
  5. Kalemli-Ozcan, Sebnem & Sorensen, Bent E & Yosha, Oved, 2004. "Asymmetric Shocks and Risk Sharing in a Monetary Union: Updated Evidence and Policy Implications for Europe," CEPR Discussion Papers 4463, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  6. Benoit Mojon & Gert Peersman, 2001. "A VAR description of the effects of monetary policy in the individual countries of the Euro area," Working Paper Series 092, European Central Bank. [Downloadable!]
  7. Dixon, Robert & Shepherd, David, 2001. "Trends and Cycles in Australian State and Territory Unemployment Rates," The Economic Record, The Economic Society of Australia, vol. 77(238), pages 252-69, September. [Downloadable!] (restricted)
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  8. Gerald Carlino & Robert Defina, 1998. "The Differential Regional Effects Of Monetary Policy," The Review of Economics and Statistics, MIT Press, vol. 80(4), pages 572-587, November. [Downloadable!] (restricted)
  9. Godfrey, Leslie G, 1978. "Testing against General Autoregressive and Moving Average Error Models When the Regressors Include Lagged Dependent Variables," Econometrica, Econometric Society, vol. 46(6), pages 1293-1301, November. [Downloadable!] (restricted)
  10. Ignazio Angeloni & Anil K. Kashyap & Benoit Mojon & Daniele Terlizzese, 2003. "Monetary Transmission in the Euro Area: Does the Interest Rate Channel Explain it All?," NBER Working Papers 9984, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  11. Adam Elbourne & Jakob de Haan, 2004. "Asymmetric Monetary Transmission in EMU: The Robustness of VAR Conclusions and Cecchetti’s Legal Family Theory," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
  12. Dixit, Avinash, 2001. "Games of monetary and fiscal interactions in the EMU," European Economic Review, Elsevier, vol. 45(4-6), pages 589-613, May. [Downloadable!] (restricted)
  13. Volker Clausen & Hans-Werner Wohltmann, 2002. "Monetary and Fiscal Policy Dynamics in an Asymmetric Monetary Union," Macroeconomics 0201001, EconWPA. [Downloadable!]
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Cited by:
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  1. Ridhwan, M.M. & Nijkamp, P. & Rietveld, P. & Groot, H.L.F. de, 2008. "Regional development and monetary policy : a review of the role of monetary unions, capital mobility and locational effects," Serie Research Memoranda 0007, VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics. [Downloadable!]
  2. David Norman & Thomas Walker, 2004. "Co-movement of Australian State Business Cycles," RBA Research Discussion Papers rdp2004-09, Reserve Bank of Australia. [Downloadable!]
  3. Thomas Walker & David Norman, 2004. "Co-movement of Australian State Business Cycles," Econometric Society 2004 Australasian Meetings 334, Econometric Society. [Downloadable!]
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