An evolutionary macroeconomic model of Australian dollar M3 determination: 1967-93

Foster J. (1994) An evolutionary macroeconomic model of Australian dollar M3 determination: 1967-93. Applied Economics, 26 11: 1109-1120. doi:10.1080/00036849400000127


Author Foster J.
Title An evolutionary macroeconomic model of Australian dollar M3 determination: 1967-93
Journal name Applied Economics   Check publisher's open access policy
ISSN 1466-4283
Publication date 1994-11-01
Sub-type Article (original research)
DOI 10.1080/00036849400000127
Open Access Status Not yet assessed
Volume 26
Issue 11
Start page 1109
End page 1120
Total pages 12
Subject 2002 Cultural Studies
Abstract An evolutionary macroeconomic approach, stressing institutional behaviour, is used to estimate a model of Australian dollar M3. It is estimated in first differences by both ordinary and two-stage least squares. A very stable endogenous money-supply model is discovered. A novel aspect is the inclusion of a real property value variable, which plays a key role. A small, but very stable, interest elasticity is recorded. It is concluded that financial deregulation does not prevent us from discovering a stable Australian M3 equation, as is often suggested. Conclusions are drawn with respect to the conduct of monetary policy.
Q-Index Code C1
Q-Index Status Provisional Code
Institutional Status Unknown

Document type: Journal Article
Sub-type: Article (original research)
Collection: Scopus Import - Archived
 
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Created: Tue, 23 Aug 2016, 15:41:05 EST by System User