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Regional Monetary Policy: An Australian Perspective
Fraser P., MacDonald G. A. and Mullineux A. W. Regional monetary policy: an Australian perspective, Regional Studies. A structural vector autoregressive (SVAR) model for Australia is utilized to identify the domestic impacts of common monetary policy shocks on national and state business cycles and to consider the role of state diversification disparities for observed differences in responses to monetary policy innovations. Western Australia and Queensland differ to other states in their response to common shocks and evidence suggests this may be due to differences in their economic geographies. Overall, the Australian monetary union has become increasingly reliant on fiscal transfers particularly from Western Australia in the past two decades. This emphasizes the importance of a political union underpinning a successful monetary union.
Regional Monetary Policy: An Australian Perspective
Fraser P., MacDonald G. A. and Mullineux A. W. Regional monetary policy: an Australian perspective, Regional Studies. A structural vector autoregressive (SVAR) model for Australia is utilized to identify the domestic impacts of common monetary policy shocks on national and state business cycles and to consider the role of state diversification disparities for observed differences in responses to monetary policy innovations. Western Australia and Queensland differ to other states in their response to common shocks and evidence suggests this may be due to differences in their economic geographies. Overall, the Australian monetary union has become increasingly reliant on fiscal transfers particularly from Western Australia in the past two decades. This emphasizes the importance of a political union underpinning a successful monetary union.
Regional Monetary Policy: An Australian Perspective
Fraser, P. (author) / Macdonald, G. A. (author) / Mullineux, A. W. (author)
Regional Studies ; 48 ; 1419-1433
2014-08-03
15 pages
Article (Journal)
Electronic Resource
English
Australian regions , Monetary policy , Non-homogeneous business cycles , Structural vector autoregressive (SVAR) , Fiscal stabilizers , 澳大利亚区域 , 货币政策 , 非均质经济循环 , 结构向量自回归(SVAR) , 财政稳定机制 , Régions australiennes , Politique monétaire , Cycles économiques non homogènes , Modèle vectoriel autorégressif structurel , Stabilisateurs budgétaires , Australische Regionen , Währungspolitik , Nicht-homogene Geschäftszyklen , Strukturell vektorautoregressiv (SVAR) , Fiskalische Stabilisierung , Regiones australianas , Política monetaria , Ciclos comerciales no homogéneos , Modelo de vectores autorregresivos estructurales (SVAR) , Estabilizadores fiscales , E32 , E52 , R11 , R15
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