Economic policy when interest rates are zero. This Project studies economic policy when interest rates are zero. Low interest rate environments constrain monetary policy because central banks cannot lower rates to raise demand. We exploit recent international experience with zero rates to understand why new policies have had mixed success. We argue different outcomes across countries arise because of different degrees of credibility and familiarity with new policy initiatives. We provide empiric ....Economic policy when interest rates are zero. This Project studies economic policy when interest rates are zero. Low interest rate environments constrain monetary policy because central banks cannot lower rates to raise demand. We exploit recent international experience with zero rates to understand why new policies have had mixed success. We argue different outcomes across countries arise because of different degrees of credibility and familiarity with new policy initiatives. We provide empirical support for this view and study the consequences of imperfectly credible policy. We characterize how monetary policy (conventional and unconventional) and fiscal policy can be used to greatest effect in low interest rate environments and quantify the welfare implications for Australia. Read moreRead less
Nowcasting and Interpreting the Australian Economy. This project aims to investigate methods for nowcasting and interpreting the Australian economy. This is determining the current state of the economy and the factors contributing to it.
This project expects to generate new knowledge on how unconventional, new, data sources and innovative methods can be used to in nowcasting and how the Australian economy can be modelled.
The expected outcomes include timely new indicators of the state of the ec ....Nowcasting and Interpreting the Australian Economy. This project aims to investigate methods for nowcasting and interpreting the Australian economy. This is determining the current state of the economy and the factors contributing to it.
This project expects to generate new knowledge on how unconventional, new, data sources and innovative methods can be used to in nowcasting and how the Australian economy can be modelled.
The expected outcomes include timely new indicators of the state of the economy, and the factors contributing to it. This should provide significant benefits through informing the conduct of Australian macroeconomic policy, as the appropriate policy response depends not only on knowing the current state of the economy but understanding the economic factors underlying it.
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Implications of Global Economic Forces for Domestic Monetary Policy. The project aims to quantify and understand the extent to which international factors affect key macroeconomic variables such as inflation and interest rates in open economies. The aims will be achieved through the development and application of new macroeconomic and econometric models. Expected outcomes are new insights and policy recommendations on how to appropriately conduct monetary policy for an open economy such as Austr ....Implications of Global Economic Forces for Domestic Monetary Policy. The project aims to quantify and understand the extent to which international factors affect key macroeconomic variables such as inflation and interest rates in open economies. The aims will be achieved through the development and application of new macroeconomic and econometric models. Expected outcomes are new insights and policy recommendations on how to appropriately conduct monetary policy for an open economy such as Australia. This should provide significant benefits to the broader Australian economy through the conduct of suitable policy by institutions such as the Reserve Bank of Australia.Read moreRead less
Banking System Competition and the Macro-economy. Australia has one of the most concentrated banking sectors in the world, generating concerns regarding its efficiency. This project aims to develop unified frameworks to understand and evaluate quantitatively how the structure of the banking industry affects the macro-economy and provide policy recommendations for establishing a healthy and efficient banking industry. This project expects to improve understanding of the welfare trade-off between ....Banking System Competition and the Macro-economy. Australia has one of the most concentrated banking sectors in the world, generating concerns regarding its efficiency. This project aims to develop unified frameworks to understand and evaluate quantitatively how the structure of the banking industry affects the macro-economy and provide policy recommendations for establishing a healthy and efficient banking industry. This project expects to improve understanding of the welfare trade-off between bank competition and economic well-being to enable policymakers to better determine the optimal concentration of banking sector in Australia. This will enhance the productivity and international competitiveness of Australia’s financial system and the broader economy.Read moreRead less
Statistical Analysis of State-Dependent Government Spending Multipliers. This project aims to provide a new statistical analysis of the government spending multiplier by acknowledging that government spending is the sum of sectoral spending which has heterogeneous effects on the economy. An added complication is that the multiplier can also be state-dependent, meaning that its magnitude can differ across recessions and expansions. Expected outcomes of this project include a better understanding ....Statistical Analysis of State-Dependent Government Spending Multipliers. This project aims to provide a new statistical analysis of the government spending multiplier by acknowledging that government spending is the sum of sectoral spending which has heterogeneous effects on the economy. An added complication is that the multiplier can also be state-dependent, meaning that its magnitude can differ across recessions and expansions. Expected outcomes of this project include a better understanding of the components of the multiplier by novel decomposition and the development of a new statistical test for the state-dependency of the multiplier. This should provide significant benefits to researchers by bringing in new tools and insights and to policymakers by providing timely guidance on fiscal policies.Read moreRead less
Talent Mismatch: Evidence from Australian Administrative Tax Records. The project aims to study the skill composition of the Australian workforce. Changes in the macroeconomic and technology environments make it hard to predict skill shortage. The project expects to develop macroeconomic models quantifying skill-mismatch of university graduates, identify sources of mismatch, highlight gender and generational differences, and estimate associated costs to Australia. The expected outcomes are to he ....Talent Mismatch: Evidence from Australian Administrative Tax Records. The project aims to study the skill composition of the Australian workforce. Changes in the macroeconomic and technology environments make it hard to predict skill shortage. The project expects to develop macroeconomic models quantifying skill-mismatch of university graduates, identify sources of mismatch, highlight gender and generational differences, and estimate associated costs to Australia. The expected outcomes are to help shape policy recommendations on the funding of tertiary education in a changing economic climate. This should provide significant benefits to Australians, as policies shaping the tertiary education system affect individual income and the aggregate economy by determining labour supply and taxpayers' financial burden.Read moreRead less
The new digital governance of welfare to work. This project aims to analyse the implementation of a 'digital first' employment services system, its effects on frontline services and governance, and its potential for policy learning. It expects to generate new knowledge on how digitalisation changes interactions between jobseekers, providers, employers and the government, by working with our industry partners in a collaborative innovation lab. Expected outcomes of this project include a theoretic ....The new digital governance of welfare to work. This project aims to analyse the implementation of a 'digital first' employment services system, its effects on frontline services and governance, and its potential for policy learning. It expects to generate new knowledge on how digitalisation changes interactions between jobseekers, providers, employers and the government, by working with our industry partners in a collaborative innovation lab. Expected outcomes of this project include a theoretically informed, and practically tested, model of how digitalisation can promote service design and policy innovation that benefits jobseekers and employers. This should provide significant benefits for welfare system design, service outcomes, and policy learning nationally and internationally. Read moreRead less
Strengthening Health Workforce Migration to Australia and Canada. The project aims to define skilled migration trends in relation to the key fields (medicine, nursing and dentistry). Australia is one of very few countries with an explicit policy to import migrant health professionals. The project plans to assess if the goal of domestic self-sufficiency is likely to be met by 2025 and examine the risk of a ‘two tier’ health workforce developing (with conditionally registered migrants servicing pa ....Strengthening Health Workforce Migration to Australia and Canada. The project aims to define skilled migration trends in relation to the key fields (medicine, nursing and dentistry). Australia is one of very few countries with an explicit policy to import migrant health professionals. The project plans to assess if the goal of domestic self-sufficiency is likely to be met by 2025 and examine the risk of a ‘two tier’ health workforce developing (with conditionally registered migrants servicing patients in undersupplied sectors and sites). It then aims to propose changes to make the migration and health policy systems more effective and ethical in future compared to Canada (Australia’s key global competitor for skilled migrants), through evidence-based policy reform.Read moreRead less
Catching capital: Understanding and influencing corporate tax strategy. This project aims to analyse the factors which influence the tax strategies of large multi-national corporations, and explain variations in behaviour between firms and industry sectors. Identifying reforms that exert the greatest influence over corporate behaviour will enable reforms which refine and improve the efficacy of international tax regimes. The expected outcomes will provide an evidence base for policy makers to ev ....Catching capital: Understanding and influencing corporate tax strategy. This project aims to analyse the factors which influence the tax strategies of large multi-national corporations, and explain variations in behaviour between firms and industry sectors. Identifying reforms that exert the greatest influence over corporate behaviour will enable reforms which refine and improve the efficacy of international tax regimes. The expected outcomes will provide an evidence base for policy makers to evaluate and refine corporate tax reform initiatives.Read moreRead less
Artificial intelligence in education: Democratising policy. The rapid introduction of artificial intelligence into education is occurring with inadequate policy support. Additionally, there is a lack of stakeholder input into decisions about the use of AI in education. Utilising social science and data science approaches, this project aims to democratise policy about AI in education by building tools to monitor policies, and developing collaborative policy making methods. The expected outcomes i ....Artificial intelligence in education: Democratising policy. The rapid introduction of artificial intelligence into education is occurring with inadequate policy support. Additionally, there is a lack of stakeholder input into decisions about the use of AI in education. Utilising social science and data science approaches, this project aims to democratise policy about AI in education by building tools to monitor policies, and developing collaborative policy making methods. The expected outcomes include publicly available policy resources to anticipate, and respond to, the role of AI in education, and participatory frameworks for policy making. The benefits include informed stakeholder engagement, and concrete policy recommendations that are globally relevant and adaptable to the Australian context.Read moreRead less