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Modelling Recent Developments in Australian Asset Markets: Some Preliminary Results

Listed author(s):
  • J.G. Fahrer

    (Reserve Bank of Australia)

  • R.W. Rankin

    (Reserve Bank of Australia)

Registered author(s):

    This paper represents a first attempt to model the macroeconomic implications of recent changes in Australian financial markets: the floating of the Australian dollar; the introduction of tendering for government bonds; and the deregulation of banking in August 1984. The RBII model is adapted to incorporate these changes, and subjected to a series of shocks in simulation. The results are used to illustrate the properties of the modified model. The conclusions suggest that the model’s behaviour is consistent with received theory; monetary control is facilitated and a form of the Fleming-Mundell result holds in the longer term. An earlier version of the paper was presented to the thirteenth Conference of Economists, Perth, August 1984.

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    Paper provided by Reserve Bank of Australia in its series RBA Research Discussion Papers with number rdp8403.

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    Date of creation: Nov 1984
    Handle: RePEc:rba:rbardp:rdp8403
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