Australia: Selected Issues

Author: International Monetary Fund

Volume/Issue: Volume 2004 Issue 354

Publication date: November 2004

ISBN: 9781451802061

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Exports and Imports , Inflation , Labor , ISCR , CR , exchange rate , trade , disability , commodity , trade liberalization , real exchange rate , world commodity price , disability scheme , product market reform , Real exchange rates , Trade liberalization , Labor market reforms , Total factor productivity , Inflation , Global , Australia and New Zealand

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Summary

This Selected Issues paper for Australia highlights the dynamics of the Australian real exchange rate and its impact on Australia’s trade. The main findings are that the Australian real exchange rate is largely driven by world commodity prices and that it adjusts relatively rapidly to large shocks, with an estimated half-life of 16 months. The real exchange rate is a significant determinant of Australian imports, with an elasticity of one, but does not appear to have a significant impact on Australian exports.