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  • Reconciling opposing views of the commodity boom

    Author(s)
    Makin, AJ
    Griffith University Author(s)
    Makin, Tony J.
    Year published
    2014
    Metadata
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    Abstract
    This paper presents a new framework for reconciling contrasting interpretations of the impact of world commodity prices on the Australian economy. Focusing on the relative price of commodities to other goods and services rather than the real exchange rate, it shows that a commodity price boost alters the composition, but not the level of GDP, while simultaneously raising national expenditure and potentially creating a trade deficit which widens further with autonomous expenditure increases. Immigration and foreign investment facilitates long run economic growth, although this further contracts the non-commodity sector of the ...
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    This paper presents a new framework for reconciling contrasting interpretations of the impact of world commodity prices on the Australian economy. Focusing on the relative price of commodities to other goods and services rather than the real exchange rate, it shows that a commodity price boost alters the composition, but not the level of GDP, while simultaneously raising national expenditure and potentially creating a trade deficit which widens further with autonomous expenditure increases. Immigration and foreign investment facilitates long run economic growth, although this further contracts the non-commodity sector of the economy.
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    Journal Title
    Economic Analysis and Policy
    Volume
    44
    DOI
    https://doi.org/10.1016/j.eap.2014.05.005
    Subject
    Economics
    Other economics not elsewhere classified
    Publication URI
    http://hdl.handle.net/10072/64082
    Collection
    • Journal articles

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