Extending a SVAR model of the Australian economy

Publisher:
Blackwell Publishing Ltd
Publication Type:
Journal Article
Citation:
Economic Record, 2009, 85 (268), pp. 1 - 20
Issue Date:
2009-01
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Dungey and Pagan (2000) present a SVAR model of the Australian economy which models macroeconomic outcomes as transitory deviations from a deterministic trend. In this paper we extend that model in two directions. First, we relate it to an emerging literature on Dynamic Stochastic General Equilibrium modelling of small open economies. Second, we allow for both transitory and permanent components in the series and show how this modi?cation has an impact on the design of macroeconomic models
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