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Output Composition of the Monetary Policy Transmission Mechanism: Is Australia Different?

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dc.contributor.authorPhan, Tuan
dc.date.accessioned2015-08-06T04:38:11Z
dc.date.available2015-08-06T04:38:11Z
dc.date.issued2014
dc.description.abstractThis article compares the output composition of the monetary policy transmission mechanism in Australia to that for the Euro area and the USA. Four vector autoregressive (VAR) models are used to estimate the contributions of private consumption and investment to output reactions resulting from nominal interest rate shocks for the period 1982Q3-2007Q4. The results suggest that the investment channel plays a more important role than the consumption channel in Australia, while the contributions of the two channels are indistinguishable in the Euro area and the USA. The difference between Australia and the Euro area comes from differences in housing investment responses, whereas Australia is different to the USA mainly because it has a lower share of household consumption in total demand.en_AU
dc.identifier.issn0013-0249en_AU
dc.identifier.urihttp://hdl.handle.net/1885/14621
dc.provenancehttp://www.sherpa.ac.uk/romeo/issn/0013-0249/..."author can archive post-print. On author's personal website, institutional repositories, arXiv, AgEcon, PhilPapers, PubMed Central, RePEc or Social Science Research Network. 2 years embargo" from SHERPA/RoMEO site (as at 7/08/15)
dc.publisherWileyen_AU
dc.rights© 2014 Economic Society of Australia.en_AU
dc.sourceEconomic Recorden_AU
dc.subjectinvestmenten_AU
dc.subjectmodelingen_AU
dc.subjectmonetary policyen_AU
dc.subjectvector autoregressionen_AU
dc.titleOutput Composition of the Monetary Policy Transmission Mechanism: Is Australia Different?en_AU
dc.typeJournal articleen_AU
dcterms.accessRightsOpen Access
local.bibliographicCitation.issue290en_AU
local.bibliographicCitation.lastpage399en_AU
local.bibliographicCitation.startpage382en_AU
local.contributor.affiliationPhan, T., Crawford School of Public Policy, The Australian National Universityen_AU
local.contributor.authoruidu4465668en_AU
local.identifier.citationvolume90en_AU
local.identifier.doi10.1111/1475-4932.12121en_AU
local.publisher.urlhttp://au.wiley.com/WileyCDA/en_AU
local.type.statusAccepted Versionen_AU

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