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Macroeconomic Fluctuations in the Australian Economy

Jeremy Smith and Chris Murphy

The Economic Record, 1994, vol. 70, issue 209, 133-48

Abstract: This paper uses an error correction model of the Australian economy in an attempt to capture the major causes of fluctuations in the Australian economy over the past fifteen years. The model is shocked by each variable in turn and the responses to the shocks are traced out. The model concludes that real wage and domestic demand shocks account for most of the instability seen in Australia in the recent past with little of the variation due to world variable shocks. For comparative purposes, these responses are then compared with similar responses applied to a macroeconomic model of the Australian economy. Copyright 1994 by The Economic Society of Australia.

Date: 1994
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Working Paper: Macroeconomic Fluctuations in the Autralian Economy (1991)
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Handle: RePEc:bla:ecorec:v:70:y:1994:i:209:p:133-48