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A Multi‐sector Model of the Australian Economy
Author(s) -
Rees Daniel M.,
Smith Penelope,
Hall Jamie
Publication year - 2016
Publication title -
economic record
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.365
H-Index - 42
eISSN - 1475-4932
pISSN - 0013-0249
DOI - 10.1111/1475-4932.12259
Subject(s) - dynamic stochastic general equilibrium , business cycle , economics , general equilibrium theory , production (economics) , monetary policy , resource (disambiguation) , macroeconomics , econometrics , economy , computer science , computer network
This paper describes the dynamic stochastic general equilibrium (DSGE) model currently in use at the Reserve Bank of Australia. The model extends previous DSGE models of the Australian economy by incorporating multiple production sectors, including a resource sector. We estimate the model, describe its dynamic properties, illustrate its use in scenario analysis and use it to identify the sources of Australian business cycle fluctuations.