Modeling Inflation in Australia
This article develops an empirically constant, data-coherent, error-correction model for inflation in Australia. The level of consumer prices is a markup over domestic and import costs, with adjustments for dynamics and relative aggregate demand. The authors address issues of cointegration, general to specific modeling, dynamic specification, model evaluation and testing, parameter constancy, forecasting, and exogeneity. They also test this model against existing models of Australian prices: this model encompasses, but is not encompassed by, the existing models.
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Volume (Year): 16 (1998)
Issue (Month): 4 (October)
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- Franz, Wolfgang & Gordon, Robert J, 1993.
"German and American Wage and Price Dynamics: Differences and Common Themes,"
CEPR Discussion Papers
777, C.E.P.R. Discussion Papers.
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- Franz, Wolfgang & Gordon, Robert J., 1993. "German and American wage and price dynamics: Differences and common themes," Discussion Papers 2, University of Konstanz, Center for International Labor Economics (CILE).
- Wolfgang Franz & Robert J. Gordon, 1993. "German and American Wage and Price Dynamics: Differences and Common Thenes," NBER Working Papers 4292, National Bureau of Economic Research, Inc.
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- Neil R. Ericsson, 1983. "Asymptotic Properties of Instrumental Variables Statistics for Testing Non-Nested Hypotheses," Review of Economic Studies, Oxford University Press, vol. 50(2), pages 287-304.
- Nicholls, D F & Pagan, A R, 1983. "Heteroscedasticity in Models with Lagged Dependent Variables," Econometrica, Econometric Society, vol. 51(4), pages 1233-42, July.
- M. H. Pesaran, 1974. "On the General Problem of Model Selection," Review of Economic Studies, Oxford University Press, vol. 41(2), pages 153-171.
- Hendry, David F., 1995. "Dynamic Econometrics," OUP Catalogue, Oxford University Press, number 9780198283164, December.
- 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.
- Banerjee, Anindya & Dolado, Juan J. & Galbraith, John W. & Hendry, David, 1993. "Co-integration, Error Correction, and the Econometric Analysis of Non-Stationary Data," OUP Catalogue, Oxford University Press, number 9780198288107, December.
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