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Policy Ineffectiveness: Tests with Australian Data

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  • Siegloff, Eric S
  • Groenewold, Nicolaas

Abstract

This paper tests, using Australian data, the proposition that only unanticipated monetary growth infl uences real variables. The methodology used is that of L. Leiderman ( 1980) and F. S. Mishkin (1982). In tests using the unemployment rate as a real variable, it is found that the data decisively reject the p olicy-ineffectiveness proposition and its subsidiary hypotheses of st ructural neutrality and rational expectations. This confirms results obtained for Australia by J. Horne and I. M. McDonald (1984) using a different approach. The results are found to be robust with respect t o choice of lag length and choice of monetary aggregate but not with respect to choice of real variable-the results are mixed when the une mployment rate is replaced by the rate of growth of real GDP. Copyright 1987 by Blackwell Publishers Ltd/University of Adelaide and Flinders University of South Australia

Suggested Citation

  • Siegloff, Eric S & Groenewold, Nicolaas, 1987. "Policy Ineffectiveness: Tests with Australian Data," Australian Economic Papers, Wiley Blackwell, vol. 26(49), pages 179-187, December.
    • Handle: RePEc:bla:ausecp:v:26:y:1987:i:49:p:179-87
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    Cited by:

    1. Prof. Neil D. Karunaratne, 1999. "Rival Macroeconomic Models And Australian Stylised Facts," Discussion Papers Series 261, School of Economics, University of Queensland, Australia.
    2. N. Groenewold & A.J. Hagger, 1997. "The Natural Unemployment Rate in Australia since the Seventies," Economics Discussion / Working Papers 97-24, The University of Western Australia, Department of Economics.
    3. Nicolaas Groenewold & A. J. Hagger, 1998. "The Natural Unemployment Rate in Australia since the Seventies," The Economic Record, The Economic Society of Australia, vol. 74(224), pages 24-35, March.
    4. W D A Bryant, 2009. "General Equilibrium:Theory and Evidence," World Scientific Books, World Scientific Publishing Co. Pte. Ltd., number 6875, January.
    5. A. J. Phipps & J. R. Sheen, 1995. "Macroeconomic Policy and Employment Growth in Australia," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 28(1), pages 86-104, January.
    6. N. Groenewold & A.J. Hagger, 1997. "The US natural rate: A "Lilien" time-series, January 1948 to August 1996," Economics Discussion / Working Papers 97-10, The University of Western Australia, Department of Economics.
    7. Paul Oslington, 2012. "General Equilibrium: Theory and Evidence," The Economic Record, The Economic Society of Australia, vol. 88(282), pages 446-448, September.

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