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Commodity Price Shocks and the Australian Economy since Federation

Sambit Bhattacharyya and Jeffrey G. Williamson

No 605, CEPR Discussion Papers from Centre for Economic Policy Research, Research School of Economics, Australian National University

Abstract: Australia has experienced frequent and large commodity export price shocks like Third World commodity exporters, but this price volatility has had much more modest impact on economic performance. Why? This paper explores Australian terms of trade volatility since 1901. It identifies two major price shock episodes before the recent mining-led boom and bust. It assesses their relative magnitude, their deindustrialization and distributional impact during the booms, and their labour market and policy responses throughout. Australia has indeed responded differently to volatile commodity prices than have other commodity exporters.

Keywords: Commodity exports; price shocks; Australian economy (search for similar items in EconPapers)
JEL-codes: F14 F43 N17 O56 (search for similar items in EconPapers)
Date: 2009-04
New Economics Papers: this item is included in nep-opm
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https://www.cbe.anu.edu.au/researchpapers/cepr/DP605.pdf (application/pdf)

Related works:
Journal Article: COMMODITY PRICE SHOCKS AND THE AUSTRALIAN ECONOMY SINCE FEDERATION (2011)
Working Paper: Commodity Price Shocks and the Australian Economy Since Federation (2010) Downloads
Working Paper: Commodity Price Shocks and the Australian Economy since Federation (2009) Downloads
Working Paper: Commodity Price Shocks and the Australian Economy since Federation (2009) Downloads
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