Measuring the effect of monetary policy on the economy

该项目旨在衡量货币政策对澳大利亚和美国经济的影响，特别是消费和投资。本研究旨在填补实证宏观经济文献的空白，该文献侧重于经济的供给侧。该项目将在分析中考虑由制度或行为变化（如金融发展/自由化和偏好冲击）造成的不稳定经济状况；并开发适合应用于时变参数模型的计量经济学方法。该项目预计将有助于理解经济近期对货币政策的无动于衷。

This project aims to measure the effect of monetary policy on the economy, notably consumption and investment, in Australia and the US. This research intends to fill a gap in the empirical macroeconomic literature, which focuses on the supply side of the economy. This project will account for unstable economic conditions caused by institutional or behavioural changes, such as financial development / liberalisation and preference shocks, in the analysis; and develop econometric methods tailored for application to models with time varying parameters. This project expects to contribute to understanding the economy’s recent unresponsiveness to monetary policy.