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The Industrial Impact of Monetary Shocks During the Inflation-Targeting Era in Australia

Citation

Vespignani, J, The Industrial Impact of Monetary Shocks During the Inflation-Targeting Era in Australia, Australian Economic History Review, 53, (1) pp. 47-71. ISSN 0004-8992 (2013) [Refereed Article]

Copyright Statement

Copyright 2013 The Author

DOI: doi:10.1111/j.1467-8446.2013.00358.x

Abstract

In this article, we analyse the industrial impacts of monetary shocks since the introduction of inflation targeting in Australia in 1990. These impacts are quantified by constructing a structural vector autogregressive model for a small open economy. Our results show that construction and manufacturing industries exhibit a significant reduction in gross value added after an unanticipated rise in the official cash rate. However, the finance and insurance industry, and the mining industry, seem to be unaffected by these shocks.

Item Details

Item Type:Refereed Article
Keywords:industrial composition and VAR model, industrial response, monetary shocks
Research Division:Economics
Research Group:Applied Economics
Research Field:Financial Economics
Objective Division:Economic Framework
Objective Group:Macroeconomics
Objective Field:Monetary Policy
Author:Vespignani, J (Dr Joaquin Vespignani)
ID Code:85016
Year Published:2013
Web of Science® Times Cited:5
Deposited By:Economics and Finance
Deposited On:2013-06-11
Last Modified:2014-04-09
Downloads:0

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