On the differential impact of monetary policy across states/territories and its determinants in Australia: Evidence and new methodology from a small open economy
Monetary shocks largely affect economic activity in Western Australia. In smaller proportion, those shocks generate contractions in New South Wales, Victoria and South Australia, while economic activity in Queensland is significantly less affected. Finally, we develop a new approach to uncover the determinants of the differential state/territory responses to monetary shocks. Our estimation validates the theoretical assumptions that differences in industrial composition, exposure to international trade and household debt across states/territories are important determinants of these differences.
|Date of creation:||10 Jun 2011|
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- Andrea Brischetto & Graham Voss, 1999. "A Structural Vector Autoregression Model of Monetary Policy in Australia," RBA Research Discussion Papers rdp1999-11, Reserve Bank of Australia.
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CEPR Discussion Papers
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- Dedola, L. & Lippi, F., 2000. "The Monetary Transmission Mechanism: Evidence from the Industries of Five OECD Countries," Papers 389, Banca Italia - Servizio di Studi.
- Ivo J. M. Arnold & Evert B. Vrugt, 2002. "Regional Effects of Monetary Policy in the Netherlands," International Journal of Business and Economics, College of Business and College of Finance, Feng Chia University, Taichung, Taiwan, vol. 1(2), pages 123-134, August.
- 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.
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