MARTIN Has Its Place: A Macroeconometric Model of the Australian Economy

• Ballantyne, Alexander ^[1] ; Cusbert, Tom ^[2] ; Evans, Richard ^[2] ; Guttmann, Rochelle ^[2] ; Hambur, Jonathan ^[2] ; Hamilton, Adam ^[2] ; Kendall, Elizabeth ^[3] ; McCririck, Rachael ^[2] ; Nodari, Gabriela ^[2] ; Rees, Daniel M. ^[4]
  1. [1] University of Melbourne

     University of Melbourne

     Australia

     
  2. [2] Economic Research Department, Reserve Bank of Australia
  3. [3] ANZ Research, ANZ Bank New Zealand Ltd
  4. [4] Monetary and Economics Department, Bank for International Settlements, Basel, Switzerland

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• Localización: Economic record, ISSN 0013-0249, Vol. 96, Nº. 314, 2020, págs. 225-251
• Idioma: inglés
• DOI: 10.1111/1475-4932.12531
• Texto completo no disponible (Saber más ...)
• Resumen

  • This paper introduces MARTIN, the Reserve Bank of Australia's new model of the Australian economy. MARTIN is an economy-wide model used for forecasting and counterfactual scenario analysis. In contrast to other models used at the Bank (and at many other central banks) which adhere to a narrow theoretical view of how the economy operates, MARTIN is a macroeconometric model that consists of a system of reduced-form equations built to strike a balance between theoretical rigour and empirical realism. We provide an overview of the model, describe its main equations and demonstrate its responses to various scenarios.