Paper #1210

Títol:

A medium-scale open economy model of Australia

Autors:

Kristoffer Nimark i Jarkko Jääskelä

Data:

Desembre 2008

Resum:

We estimate an open economy dynamic stochastic general equilibrium (DSGE) model of Australia with a number of shocks, frictions and rigidities, matching a large number of observable time series. We find that both foreign and domestic shocks are important drivers of the Australian business cycle.We also find that the initial impact on inflation of an increase in demand for Australian commodities is negative, due to an improvement in the real exchange rate, though there is a persistent positive effect on inflation that dominates at longer horizons.

Paraules clau:

monetary policy.

Codis JEL:

C11, E40, E52

Àrea de Recerca:

Macroeconomia i Economia Internacional

Publicat a:

Economic Record, vol. 87 (276), 11-36, March 2011
Amb el títol:
A medium-scale new Keynesian open economy model of Australia

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