When the US sneezes, does Australia still catch a cold? : re-examine output co-movements between the US and Australia

Zhi, Tianhao. (2009). When the US sneezes, does Australia still catch a cold? : re-examine output co-movements between the US and Australia Master's Thesis, School of Economics, The University of Queensland.

       
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Author Zhi, Tianhao.
Thesis Title When the US sneezes, does Australia still catch a cold? : re-examine output co-movements between the US and Australia
School, Centre or Institute School of Economics
Institution The University of Queensland
Publication date 2009
Thesis type Master's Thesis
Total pages 87
Language eng
Subjects 14 Economics
Formatted abstract It is often commented by the media that when the US sneezes, Australia catches a cold. There are many previous research on the high correlation of output between the US and Australia, particularly in the 1980s and 1990s. However, recent evidence suggests that the correlation decreased considerably in the last two decades. This thesis re-examines output co-movement in the last twenty years between the US and Australia. In particular, the paper looks at the short-run and long-run dynamics of rolling correlation of output, as well as the causal relationship of output between the two countries. The empirical evidence suggests that in the short-run, the degree of output co-movement is to a large extent explained by movement of output itself. In the long run, the falling degree of trade integration and decreasing similarity of monetary policies are two possible reasons that might explain the decrease of output correlation.
Keyword Australia -- Foreign economic relations -- United States.
United States -- Foreign economic relations -- Australia.

 
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Created: Tue, 30 Nov 2010, 10:49:15 EST by Muhammad Noman Ali on behalf of The University of Queensland Library