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RBA Glossary definition for macro economy

macro economy – The economy looked at as a whole or in terms of major components measured by aggregates such as gross domestic product, the balance of payments and related links, in the context of the national economy. This contrasts with microeconomics which focuses upon specific firms or industries.

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Conclusion

31 Dec 2013 RDP 2013-10
Patricia Gómez-González and Daniel Rees
RDP 2013-10: Stochastic Terms of Trade Volatility in Small Open Economies 8. ... of trade, a plausibly exogenous relative price for small open commodity-exporting economies.
https://www.rba.gov.au/publications/rdp/2013/2013-10/conclusion.html

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31 Dec 2013 RDP 2013-10
Patricia Gómez-González and Daniel Rees
RDP 2013-10: Stochastic Terms of Trade Volatility in Small Open Economies 6. ... As the pattern of the responses is broadly similar across economies, we focus and describe the Australian case in detail.
https://www.rba.gov.au/publications/rdp/2013/2013-10/results.html