New methods for solving large models with rational expectations. This project aims to introduce innovative numerical methods to economic modelling to overcome computational barriers associated with the formation of expectations by households and investors. The outcome will be economic models that include sophisticated rational expectations specifications while retaining considerable industry, regional and occupational disaggregation. There will be benefits to economic policy by broadening the r ....New methods for solving large models with rational expectations. This project aims to introduce innovative numerical methods to economic modelling to overcome computational barriers associated with the formation of expectations by households and investors. The outcome will be economic models that include sophisticated rational expectations specifications while retaining considerable industry, regional and occupational disaggregation. There will be benefits to economic policy by broadening the range of questions that can be answered by detailed models and there will be benefits in the research community by providing a platform for examining dynamics in large-scale economic systems.Read moreRead less
Next generation computable general equilibrium modelling for economic policy formulation and evaluation. The aim of this project is to create the next generation of computable general equilibrium (CGE) models. The project will do this by introducing into the CGE framework theoretical structures and data from engineering and environmental studies as well as from modern macroeconomics, labour economics, industrial organization, monetary economics and behavioural economics. CGE models are used by ....Next generation computable general equilibrium modelling for economic policy formulation and evaluation. The aim of this project is to create the next generation of computable general equilibrium (CGE) models. The project will do this by introducing into the CGE framework theoretical structures and data from engineering and environmental studies as well as from modern macroeconomics, labour economics, industrial organization, monetary economics and behavioural economics. CGE models are used by governments throughout the world to assist in policy formulation. The outcome of the project will be to improve the application of CGE models in the areas of: trade; environment; energy; immigration; public finance; and macro stimulation. Read moreRead less
Helping Central Banks Measure Unobserved Variables Using Real-time Forecasts. The project addresses structural measurement problems confronted routinely by central bankers. The techniques developed, and the estimates provided, will aid directly the Partner Organisations (the Reserve Bank of Australia, the Reserve Bank of New Zealand and Norges Bank) and other central banks in formulating monetary policy. The analysis will allow interest rates in Australia and elsewhere to be set with greater pre ....Helping Central Banks Measure Unobserved Variables Using Real-time Forecasts. The project addresses structural measurement problems confronted routinely by central bankers. The techniques developed, and the estimates provided, will aid directly the Partner Organisations (the Reserve Bank of Australia, the Reserve Bank of New Zealand and Norges Bank) and other central banks in formulating monetary policy. The analysis will allow interest rates in Australia and elsewhere to be set with greater precision. The techniques developed in this project will facilitate the understanding and communication of monetary policy within the central banks concerned, and enhance communication of monetary policy strategy to the public.Read moreRead less
Australian Real Time Data: Construction, Analysis and Implications for Real Time Policy Making. This first comprehensive macroeconomic real time database for Australia recording the actual data available to policy makers at the time of making decisions will serve as a standard reference for accurate ex post macroeconomic policy evaluation and for accurate forecasts and decision making which are robust to data revisions. The free database will be of interest to Australian researchers, economists, ....Australian Real Time Data: Construction, Analysis and Implications for Real Time Policy Making. This first comprehensive macroeconomic real time database for Australia recording the actual data available to policy makers at the time of making decisions will serve as a standard reference for accurate ex post macroeconomic policy evaluation and for accurate forecasts and decision making which are robust to data revisions. The free database will be of interest to Australian researchers, economists, forecasters and policy makers. Readily applicable and interpretable forecasts of the business cycle and the current state of the Australian (and US) economy (e.g. likelihood of recessions or inflation) will be of direct relevance to Australian policy-makers in Government, the Reserve Bank of Australia, and to the Australian decision-makers. Read moreRead less
Improved theory and practice in econometric modelling of nonlinear spatial time series. Modern Australia faces many challenges in economic and global climate changes, which require advanced statistical technologies in modeling and forecasting of econometric spatial time series data. This project will provide flexible models and methods that enable practitioners to more accurately measure and manage economic and climatic risks.
Unraveling ocean mixing and air-sea forcing along the Indo-Pacific exchange. This project aims to collect unprecedented observations and develop high resolution model simulations to examine changes in the Indonesian Throughflow (ITF) north of Australia. This project expects to develop new knowledge of ocean-atmosphere interactions along the path of the ITF from the Pacific to the Indian Ocean, which are the powerhouse that drives changes in winds and rainfall around Australia and the entire Indo ....Unraveling ocean mixing and air-sea forcing along the Indo-Pacific exchange. This project aims to collect unprecedented observations and develop high resolution model simulations to examine changes in the Indonesian Throughflow (ITF) north of Australia. This project expects to develop new knowledge of ocean-atmosphere interactions along the path of the ITF from the Pacific to the Indian Ocean, which are the powerhouse that drives changes in winds and rainfall around Australia and the entire Indo-Pacific region. Expected outcomes include a 1000-fold increase in the observations of mixing in the Indonesian seas and new understanding of the ocean-atmosphere processes that control water property change along the ITF. This should lead to strong improvement in the skill of climate forecast models in the Australian region.Read moreRead less
Coupling tropical cyclone and climate physics with ocean waves. It is argued that without accounting for the wave effects directly, the physics of large-scale air-sea interactions is inaccurate and incomplete. The project will introduce explicit coupling of large-scale atmospheric and oceanic phenomena with the physics of surface waves which should lead to improved predictions of tropical cyclones and climate.
Discovery Early Career Researcher Award - Grant ID: DE150100985
Funder
Australian Research Council
Funding Amount
$390,000.00
Summary
Entrainment and interface dynamics of turbulent flows. Patches of turbulent flow such as in clouds, volcanic or bushfire plumes grow with time because they draw or entrain non-turbulent fluid through their boundaries. The quantity of fluid entrained, and why it entrains this amount, is poorly understood. This is a major bottleneck in our ability to predict how these natural phenomena evolve in time. This project aims to employ idealised laboratory models of these natural phenomena, and utilise h ....Entrainment and interface dynamics of turbulent flows. Patches of turbulent flow such as in clouds, volcanic or bushfire plumes grow with time because they draw or entrain non-turbulent fluid through their boundaries. The quantity of fluid entrained, and why it entrains this amount, is poorly understood. This is a major bottleneck in our ability to predict how these natural phenomena evolve in time. This project aims to employ idealised laboratory models of these natural phenomena, and utilise high quality measurement techniques and theoretical tools to quantify and understand the physical basis of the entrainment mechanism. The project aims to create better climate models and more accurate predictions of natural disasters associated with bushfires and volcanos.Read moreRead less
Testing a new explanation of cloud feedback on global climate. A new analysis suggests that the sensitivity of global climate to greenhouse gases is largely controlled by the upward transport of water vapour in the lower troposphere, but the analysis did not examine clouds, which must be involved for the mechanism to be valid. The aim of the proposed project is to determine whether variations in cloud implied by this new explanation are supported by observations and process models. If the explan ....Testing a new explanation of cloud feedback on global climate. A new analysis suggests that the sensitivity of global climate to greenhouse gases is largely controlled by the upward transport of water vapour in the lower troposphere, but the analysis did not examine clouds, which must be involved for the mechanism to be valid. The aim of the proposed project is to determine whether variations in cloud implied by this new explanation are supported by observations and process models. If the explanation is confirmed, then for the first time in over 30 years of intense research it will be possible to determine the long-term severity of global warming by examining the present-day atmosphere. The expected outcome of this research is to clarify how and why low clouds change in altered climates.Read moreRead less
Discovery Early Career Researcher Award - Grant ID: DE170100787
Funder
Australian Research Council
Funding Amount
$331,000.00
Summary
Misspecification in models of economic behaviour. This project aims to develop a robust method for estimation and inference with misspecified economic models. Economic models are designed to test hypotheses about economic behaviour and to estimate key parameters, but their validity and accuracy critically depend on the assumption that the model is correctly specified, which is often doubtful. This project will reparametrize the model to allow for misspecification. The project aims to help modell ....Misspecification in models of economic behaviour. This project aims to develop a robust method for estimation and inference with misspecified economic models. Economic models are designed to test hypotheses about economic behaviour and to estimate key parameters, but their validity and accuracy critically depend on the assumption that the model is correctly specified, which is often doubtful. This project will reparametrize the model to allow for misspecification. The project aims to help modellers produce results that better inform decision-makers and help them make more reliable decisions.Read moreRead less