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
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