A new keynesian perspective of monetary policy in Australia / Shawn Chen-Yu Leu.
Tipo de material:
TextoSeries Discussion papers (La Trobe University. School of Business). Series A ; no. 06.01Detalles de publicación: Bundoora, Vic. : La Trobe University. School of Business, 2006Descripción: 40 pISBN: - 1920948627
- 21 332.460994
| Tipo de ítem | Biblioteca actual | Signatura topográfica | Estado | Fecha de vencimiento | Código de barras | |
|---|---|---|---|---|---|---|
Documento
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Biblioteca Manuel Belgrano | F 332.460994 L 20872 (Navegar estantería(Abre debajo)) | Disponible | 20872 F |
Bibliografía: p. 28-30.
We estimate a SVAR for the Australian economy based on an open economy New Keynesian model. Deep structural parameters are identified by placing exclusion restrictions on the VAR residuals and the covariance matrix. Parameter estimates suggest that the New Keynesian specification fits Australian data well. Dynamic responses show no price and exchange rate puzzles and indicate that the Reserve Bank of Australia (RBA) has a short-run focus on stabilizing output fluctuations while maintaining a medium-run inflation target since 1984. The RBA responds decisively to aggregate demand and exchange rate shocks while passively allowing the economy to self-correct aggregate supply shock.
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