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An Estimated, New Keynesian Policy Model for Australia

Martin Melecký () and Daniel Buncic ()

Macroeconomics from EconWPA

Abstract: A two-block open economy model is estimated in this paper using Australian and U.S. data. Evaluation of the estimated model is carried out in relation to a simple closed economy alternative. Namely, we inspect the implied transmission mechanisms, and examine the relative out-of-sample forecasting performance of the closed and open economy models.

Keywords: DSGE Model; Open Economy; Australia; U.S.; Bayesian Estimation. (search for similar items in EconPapers)
JEL-codes: F41 E40 E37 C11 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-dge, nep-for and nep-mac
Date: 2005-11-29
Note: Type of Document - pdf; pages: 40
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Journal Article: An Estimated New Keynesian Policy Model for Australia (2008) Downloads
Working Paper: An estimated New Keynesian policy model for Australia (2007) Downloads
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