Australia's Resilience to Recession. This project aims to study why Australia differs from its OECD peers in that it has not had a recession for 27 years. It intends to generate knowledge by using economic models to solve 3 puzzles relating to Australia’s success: (i) why did foreign financial market shocks not spill over to the economy?; (ii) how has the resource curse that affects economies with a booming resource sector been avoided?; and (iii) what makes Australia special? Expected outcomes ....Australia's Resilience to Recession. This project aims to study why Australia differs from its OECD peers in that it has not had a recession for 27 years. It intends to generate knowledge by using economic models to solve 3 puzzles relating to Australia’s success: (i) why did foreign financial market shocks not spill over to the economy?; (ii) how has the resource curse that affects economies with a booming resource sector been avoided?; and (iii) what makes Australia special? Expected outcomes include the development of theoretical and empirical models that reflect the unique features of the Australian economy. This should provide significant benefits, including guidance to Australian and international policymakers on macroeconomic policies for resource-rich countries.Read moreRead less
Sins of the Fathers - The Role of Reputation in Capital Market Integration and the Choice of Exchange Rate Regime. This project investigates, theoretically and empirically, how past and present reputation for monetary policy credibility influences a country's choice of exchange rate regime and its ability to borrow internationally in domestic currency. The inability of emerging market countries to borrow in domestic currency is an important source of global financial instability, and the study c ....Sins of the Fathers - The Role of Reputation in Capital Market Integration and the Choice of Exchange Rate Regime. This project investigates, theoretically and empirically, how past and present reputation for monetary policy credibility influences a country's choice of exchange rate regime and its ability to borrow internationally in domestic currency. The inability of emerging market countries to borrow in domestic currency is an important source of global financial instability, and the study contributes to an understanding of how policymakers can better facilitate the process of international financial integration. By introducing new advances in the theory of reputation into models of exchange rate crises and examining lessons from Australian financial history, the research brings a fresh perspective to existing analyses of financial crises.Read moreRead less
Economic Growth and Real Exchange Rates. Exchange rate movements are important elements of Australia's economic environment. Protectionist interests in the US and Europe, constrained by WTO trade rules, accuse East Asian economies of deliberate undervaluation. While exchange rate movements are not readily predictable in the short run, long run changes in underlying real exchange rates are amenable to economic analysis using structural models. The clearer understanding of these forces, toward ....Economic Growth and Real Exchange Rates. Exchange rate movements are important elements of Australia's economic environment. Protectionist interests in the US and Europe, constrained by WTO trade rules, accuse East Asian economies of deliberate undervaluation. While exchange rate movements are not readily predictable in the short run, long run changes in underlying real exchange rates are amenable to economic analysis using structural models. The clearer understanding of these forces, toward which this project is directed, will better guide investment in the region, including in Australia, and more importantly, it will better inform future policy debates surrounding currency movements.Read moreRead less
Optimal policy in the global liquidity trap. The recent global financial crisis has led most central banks in developed economies to reduce their policy interest rates to unprecedentedly low levels. As a result, the liquidity trap has now become a serious concern internationally. This project will derive the optimal monetary and fiscal policy in the global liquidity trap. It will also show how a shock in one country affects other countries and propose tools for improving the empirical fit of the ....Optimal policy in the global liquidity trap. The recent global financial crisis has led most central banks in developed economies to reduce their policy interest rates to unprecedentedly low levels. As a result, the liquidity trap has now become a serious concern internationally. This project will derive the optimal monetary and fiscal policy in the global liquidity trap. It will also show how a shock in one country affects other countries and propose tools for improving the empirical fit of the models in a liquidity trap. This project will become the foundation for the discussion of policy options in the global liquidity trap.Read moreRead less
Monetary policy, redistribution and endogenous asset market incompleteness. This project aims to provide a new framework for modelling agent heterogeneity and for evaluating the effects of monetary policy on aggregate welfare and wealth distribution over the business cycle. This project will focus on monetary policy, using new quantitative theories with new efficient computational methods, to understand and quantify links between monetary policy the dynamics of aggregate outcomes (such as inflat ....Monetary policy, redistribution and endogenous asset market incompleteness. This project aims to provide a new framework for modelling agent heterogeneity and for evaluating the effects of monetary policy on aggregate welfare and wealth distribution over the business cycle. This project will focus on monetary policy, using new quantitative theories with new efficient computational methods, to understand and quantify links between monetary policy the dynamics of aggregate outcomes (such as inflation or employment), and the distribution of individual wealth (such as money, capital and housing).Read moreRead less
Commodity cycles. The implications of resource demand by emerging markets are issues policy makers need to understand. This project address these by focusing on currency, equity and commodity linkages, the financial market and macroeconomic effects of currency collapse, and the role of emerging markets in mitigating/amplifying economic shock transmission.
IMPROVING THE THEORETICAL COHERENCE OF DATA-DRIVEN VAR MODELS. The project seeks to improve the tradeoff between theoretical and empirical coherence that is often present in empirical macroeconomic models. Using existing Australian models the project examines appropriate means of imposing theoretical restrictions on empirically coherent Vector Autoregression (VAR) models. Building on work by the authors, an improved VAR model of the Australian economy will be developed. This model will be used t ....IMPROVING THE THEORETICAL COHERENCE OF DATA-DRIVEN VAR MODELS. The project seeks to improve the tradeoff between theoretical and empirical coherence that is often present in empirical macroeconomic models. Using existing Australian models the project examines appropriate means of imposing theoretical restrictions on empirically coherent Vector Autoregression (VAR) models. Building on work by the authors, an improved VAR model of the Australian economy will be developed. This model will be used to assess particularly the impact of asset prices on inflation and economic performance over the past two decades. Further attention will be paid to assessing the role of monetary policy in the Australian economy.Read moreRead less
Higher order moment contagion testing: implications of the US subprime mortgage crisis for Australia. Even though crises are usually short lived, the long term implications of changes in asset values may be profound, particularly for superannuation assets. Implications of financial crises are also profound for institutions such as the RBA who change policy to achieve domestic objectives. The understanding of how internationally based financial crises affect Australia is important particularly wh ....Higher order moment contagion testing: implications of the US subprime mortgage crisis for Australia. Even though crises are usually short lived, the long term implications of changes in asset values may be profound, particularly for superannuation assets. Implications of financial crises are also profound for institutions such as the RBA who change policy to achieve domestic objectives. The understanding of how internationally based financial crises affect Australia is important particularly when domestic inflationary pressures would appear to precipitate the need for the RBA to take the opposite policy stance to that prevalent of central banks internationally. This proposal highlights these relationships to provide insights into portfolio allocation decisions and provides information to facilitate well founded decisions by policy makers.Read moreRead less
Mechanisms of nucleation with special emphasis on gas hydrates. Successful recovery of natural gas from hydrate reservoirs, flow assurance in natural gas pipelines, prevention of undesirable dissociation of methane hydrates in deep ocean sediments, sequestration of carbon dioxide and high density gas storage, all depend on timely formation and dissociation of gas hydrates. Controlled extraction of methane hydrates from, and simultaneous sequestration of carbon dioxide to, deep ocean sediments ha ....Mechanisms of nucleation with special emphasis on gas hydrates. Successful recovery of natural gas from hydrate reservoirs, flow assurance in natural gas pipelines, prevention of undesirable dissociation of methane hydrates in deep ocean sediments, sequestration of carbon dioxide and high density gas storage, all depend on timely formation and dissociation of gas hydrates. Controlled extraction of methane hydrates from, and simultaneous sequestration of carbon dioxide to, deep ocean sediments have been considered to be the 'next big thing' in energy and environment sectors. Sequestration of carbon dioxide is necessary not only for reducing the greenhouse gases in the atmosphere but also to stabilise the sediments once methane is extracted.Read moreRead less
Oil And Gas: National Coordination - Seismic And Other Issues
Funder
Fisheries Research and Development Corporation
Funding Amount
$426,973.59
Summary
The commercial fishing industry is under intense pressure from the O&G sector (exploration, seismic surveys, deployment of gear and now decommissioning of gear), jeopardising commercial fishing access rights, commercial fishing sustainability and potential commercial fishing resource impacts (such as Bass Strait scallop mortality) and overarching impacts on the broader marine environment (such as plankton mortality) for many fisheries.
The O&G industry also seeks relevant science to u ....The commercial fishing industry is under intense pressure from the O&G sector (exploration, seismic surveys, deployment of gear and now decommissioning of gear), jeopardising commercial fishing access rights, commercial fishing sustainability and potential commercial fishing resource impacts (such as Bass Strait scallop mortality) and overarching impacts on the broader marine environment (such as plankton mortality) for many fisheries.
The O&G industry also seeks relevant science to use within their environment plan submissions to offer the best ALARP practices regarding their interactions with the commercial fishing sector and the commercial fishing resource.
There is an urgent need for a national role coordinating O&G / commercial fishing specific R&D needs, seeking and updating available material and identifying gaps in the science with all materials to be available via a publicly accessible portal. Benefits for commercial fishers, O&G, eNGOs, students and the broader community.
Primary focus seismic activities plus other relevant science.
Current O&G / commercial fishing industry engagement is done in isolation with an inconsistent use of research (relevant or otherwise), inconsistent process, lack of uniformity of overarching messaging, lack of access to current and appropriate research and the duplication of work across all states.
Objectives: 1. Deliver a publicly accessible portal - a "one stop shop" for seismic research bibliographies, case studies and other relevant commercial fishing O&G information etc. 2. Deliver ongoing identification and qualification of relevant research papers and reference cases including annotated summaries to ensure relevance for ready and easy access by the commercial fishing sector, O&G and the broader community. 3. Deliver a set number of supported research applications relevant to the effects of oil and gas activities on commercial fishing / commercial fishing stocks etc, i.e. gap analysis and prioritisation. 4. Deliver a "best practice" document for commercial fishing representative bodies to use as a strong base for environment plan submissions. 5. Deliver a "best practice" document for commercial fishing representative bodies to use as a strong base and consistent process for fee-for-service environment plan consultation. Read moreRead less