2013, English, Article edition: Terms of trade shocks and incomplete information / Daniel Rees. Rees, Daniel, (author.)

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Physical Description
  • iii, 44 pages : illustrations (colour) ; 21 cm.
  • 1 online resource (iii, 44 pages : illustrations)
Published
  • Sydney, NSW Economic Research Department, Reserve Bank of Australia, 2013.
Language
  • English

Edition details

Title
  • Terms of trade shocks and incomplete information /​ Daniel Rees.
Author
  • Rees, Daniel, (author.)
Other Authors
  • Reserve Bank of Australia. Economic Research Department (issuing body)
Published
  • Sydney, NSW Economic Research Department, Reserve Bank of Australia, 2013.
Content Types
  • text
Carrier Types
  • volume
  • online resource
Physical Description
  • iii, 44 pages : illustrations (colour) ; 21 cm.
  • 1 online resource (iii, 44 pages : illustrations)
Series
Subjects
Summary
  • "The terms of trade are subject to both permanent and transitory shocks. Particularly for commodity-producing small open economies, it is sometimes argued that the inability of agents to determine which of these shocks are permanent and which are transitory leads to more macroeconomic volatility than would be the case if agents had perfect information about the persistence of these shocks. I set up a small open economy model in which agents have imperfect information about the persistence of terms of trade shocks and estimate the parameters of the model using Australian data. The results point to the existence of large informational frictions. In fact, agents' beliefs about the future path of the terms of trade following transitory and permanent shocks are almost identical. However, the results also suggest that incomplete information causes agents to respond more cautiously to terms of trade shocks. Consequently, consumption, output and the trade balance are less volatile under incomplete information than they are under full information."--Abstract.
Notes
  • Also available online.
  • "July 2013"
  • Title from PDF cover (viewed on Dec. 18, 2013)
  • Includes bibliographical references.
Language
  • English
Dewey Number
  • 338.994
Libraries Australia ID
Contributed by
Libraries Australia

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National Library of Australia. Open to the public 6381804; Nq 330.994 RES; NLq 330.994 RES Article English
Parliament of Australia. Parliamentary Library. Not open to the public u605388; held Article English
State Library of NSW. Open to the public M Q332.1105/6, 2013-09 Article English
State Library of Queensland. Open to the public QSL1629565; EPUB Internet access (May be available online) Article English
State Library of South Australia. Open to the public Article English
State Library of Victoria. Open to the public 2578018; held Article English
University of Queensland. University of Queensland Library. Open to the public .b33006192; ssh HB74.5 .R44 2013 Article English
University of Technology Sydney. University Library. Open to the public .b28269147; held Article English
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Parliament of Australia. Parliamentary Library. Not open to the public u605388; held Article English
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State Library of NSW. Open to the public M Q332.1105/6, 2013-09 Article English
University of Technology Sydney. University Library. Open to the public .b28269147; held Article English
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State Library of Queensland. Open to the public QSL1629565; EPUB Internet access (May be available online) Article English
University of Queensland. University of Queensland Library. Open to the public .b33006192; ssh HB74.5 .R44 2013 Article English
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