Research Discussion Paper – RDP 2023-09 Does Monetary Policy Affect Non-mining Business Investment in Australia? Evidence from BLADE

Contents

• Introduction
• Data
• Methodology
• Results with Tax Data on Actual Investment
• Effect on Expectations with Survey Data
• Conclusion
• Appendix A: Summary Statistics
• Appendix B: Aggregate Data Results
• Appendix C: Additional Microdata Results
• References
• Copyright and Disclaimer Notice

The authors would like to thank Gianni La Cava and Keaton Jenner for sharing their code on earlier analysis of aggregate investment. We would like to thank Gianni La Cava, Elena Durante, Kevin Lane and John Simon for their helpful comments, as well as seminar participants at the RBA, Central Bank of Ireland, and Australian Conference of Economists. The views expressed in this paper are those of the authors and do not necessarily reflect the views of the Reserve Bank of Australia. The authors are solely responsible for any errors.

Endnotes

Economic Research Department, Reserve Bank of Australia [*]

University of Canterbury, New Zealand [**]