A Small Model of the Australian Macroeconomy: An Update

Andrew Stone, Troy Wheatley and Louise Wilkinson
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Andrew Stone: Reserve Bank of Australia
Troy Wheatley: Reserve Bank of Australia
Louise Wilkinson: Reserve Bank of Australia

RBA Research Discussion Papers from Reserve Bank of Australia

Abstract: Almost a decade ago David Gruen and Geoff Shuetrim constructed a small macroeconomic model of the Australian economy. A comprehensive description of this model was subsequently provided by Beechey et al (2000). Since that time, however, the model has continued to evolve. This paper provides an update on the current structure of the model and the main changes which have been made to it since Beechey et al . While the details of the model have changed, its core features have not. The model remains small, highly aggregated, empirically based, and non-monetary in nature. It also retains a well-defined long-run steady state with appropriate theoretical properties, even though its primary role is to analyse short-run macroeconomic developments.

Keywords: Australian economy; macroeconomic model; monetary policy (search for similar items in EconPapers)
JEL-codes: E10 E17 E31 E37 E52 (search for similar items in EconPapers)
Date: 2005-12
New Economics Papers: this item is included in nep-mac
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Citations: View citations in EconPapers (7)

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Persistent link: https://EconPapers.repec.org/RePEc:rba:rbardp:rdp2005-11

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