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• W2185444310 abstract "We estimate a small state space macroeconomic model using maximum likelihood and the Kalman filter to obtain joint estimates of the medium-run paths of natural rates for the Australian economy. Our unobserved component analysis indicates that in 2006, actual output was just above potential output, the normal rate of growth had fallen to a 20 year low point, unemployment was well below the natural rate presaging inflationary pressures, and that the real rate of interest was significantly below its natural rate, suggesting that monetary policy was possibly too expansionary. The imprecision of these estimated paths supports caution in policy design." @default.
• W2185444310 created "2016-06-24" @default.
• W2185444310 creator A5086503244 @default.
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• W2185444310 date "2008-01-01" @default.
• W2185444310 modified "2023-09-26" @default.
• W2185444310 title "A Small State-Space Model of the Australian Economy" @default.
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• W2185444310 hasPublicationYear "2008" @default.
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