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1 Feb 1986
RDP
8601
Robert G. Trevor
Research Discussion Papers contain the results of economic research within the Reserve Bank
https://www.rba.gov.au/publications/rdp/1986/8601.html
1 Feb 1986
RDP
8601
Robert G. Trevor
Both the measured monetary aggregate and the monetary base are assumed to be observable (published) variables. ... Agents are assumed to have rational expectations of the unobservable monetary aggregate and its lagged values.
https://www.rba.gov.au/publications/rdp/1986/8601/introduction.html
1 Feb 1986
RDP
8601
Robert G. Trevor
It also reflects the usual New Classical assumption that the monetary aggregate (that is important for private behavior) is independent of other contemporaneous variables. ... However, in the current model, no lagged values of the true monetary aggregate
https://www.rba.gov.au/publications/rdp/1986/8601/model.html
1 Feb 1986
RDP
8601
Robert G. Trevor
XI, 281–319. Cagan, P. (1982). The Choice among Monetary Aggregates as Targets and Guides for Monetary Policy. ... New York: Academic Press. Taylor, J.B. (1980). Aggregate Dynamics and Staggered Contracts.
https://www.rba.gov.au/publications/rdp/1986/8601/references.html
1 Feb 1986
RDP
8601
Robert G. Trevor
Research Discussion Paper – RDP 8601 New Classical Models and Unobserved Aggregates.
https://www.rba.gov.au/publications/rdp/1986/8601/
1 Feb 1986
RDP
8601
Robert G. Trevor
The partial information flow allows agents continually to improve their best guesses about the unobservable true monetary aggregate, but (even over time) never fully reveals the true values. ... While these results have been derived under the specific
https://www.rba.gov.au/publications/rdp/1986/8601/conclusions.html
1 Feb 1986
RDP
8601
Robert G. Trevor
RDP 8601: New Classical Models and Unobserved Aggregates 3. An Application of the Kalman Filter. ... Download the Paper 913. KB. At the end of period t, agents can update their information sets by observations on current output, prices, the measured
https://www.rba.gov.au/publications/rdp/1986/8601/application-of-the-kalman-filter.html
1 Feb 1986
RDP
8601
Robert G. Trevor
RDP 8601: New Classical Models and Unobserved Aggregates 6. Comparison with Other Models. ... It is not, however, a very good interpretation because it implies an inconsistent monetary authority – why publish both.
https://www.rba.gov.au/publications/rdp/1986/8601/comparison-with-other-models.html
1 Feb 1986
RDP
8601
Robert G. Trevor
This persistence of demand shocks is due entirely to the unobservable nature of the true monetary aggregate. ... This would suggest that one should describe the monetary “state” of the economy as being determined by some unobservable monetary
https://www.rba.gov.au/publications/rdp/1986/8601/persistence-of-expectational-errors-and-demand-shocks.html
1 Feb 1986
RDP
8601
Robert G. Trevor
RDP 8601: New Classical Models and Unobserved Aggregates 5. Tests of the New Classical Hypotheses. ... aggregate could lead to a failure to reject the (false) null hypothesis of zero correlation.
https://www.rba.gov.au/publications/rdp/1986/8601/tests-of-the-new-classical-hypotheses.html