A Small Model of the Australian Macroeconomy

Meredith Beechey (), Nargis Bharucha, Adam Cagliarini, David Gruen and Christopher Thompson
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Nargis Bharucha: Reserve Bank of Australia
Adam Cagliarini: Reserve Bank of Australia
Christopher Thompson: Reserve Bank of Australia

RBA Research Discussion Papers from Reserve Bank of Australia

Abstract: This paper presents a small model of the Australian macroeconomy. The model is empirically based, aggregate in nature and consists of five estimated equations – for non-farm output, the real exchange rate, import prices, unit labour costs and consumer prices. The stylised facts underlying each equation are discussed and estimation results are presented. The model’s primary use is to examine macroeconomic developments over the short to medium term, although it also has a well-defined steady state in the longer run with appropriate theoretical properties. Dynamic responses of the model to monetary policy changes and selected shocks are illustrated in the paper.

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: 2000-06
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Citations: View citations in EconPapers (46)

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Persistent link: https://EconPapers.repec.org/RePEc:rba:rbardp:rdp2000-05

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