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International Transmissions to Australia: The Roles of the USA and Euro Area

journal contribution
posted on 2023-05-18, 03:34 authored by Dungey, MH, Osborn, DR, Mala RaghavanMala Raghavan
This paper examines the influences of the world’s two largest developed economies, namely the USA and the Euro area, on Australia as an exemplar of a small open economy. To do so, we specify and estimate a structural VAR with bilateral linkages between the two large economies, and allow shocks originating in either to affect the Australian economy. More specifically, we show the role of foreign output shocks, the differential effects of USA- or Euro-area-sourced inflation and interest rate shocks on the Australian economy, and the relative unimportance of these foreign shocks to variations in the value of the Australian currency.

History

Publication title

Economic Record

Volume

90

Issue

291

Pagination

421-446

ISSN

0013-0249

Department/School

TSBE

Publisher

Wiley-Blackwell Publishing Asia

Place of publication

Australia

Rights statement

Copyright 2014 Economic Society of Australia

Repository Status

  • Restricted

Socio-economic Objectives

International trade policy not elsewhere classified

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