New perspectives on Australian economic history: Geography, institutions and major episodes. This project will contribute directly to an improved knowledge of the determinants of the structure of economic activity, and macroeconomic performance and economic growth in Australia. Having a better understanding of the main influences on Australian economic growth will assist in the development of policies to promote these outcomes. The project will also make a significant addition to international ....New perspectives on Australian economic history: Geography, institutions and major episodes. This project will contribute directly to an improved knowledge of the determinants of the structure of economic activity, and macroeconomic performance and economic growth in Australia. Having a better understanding of the main influences on Australian economic growth will assist in the development of policies to promote these outcomes. The project will also make a significant addition to international knowledge in the field of new comparative economic history by adding an extra body of evidence to cross-country perspectives on the determinants of national economic performance that draws on Australia's distinctive geography and institutions. Finally, the project will provide valuable research training and skills.Read moreRead less
Increasing Returns and Economic Efficiency. The project attempts to increase the international profile of Australian research by extending the analysis of the challenging issues of economic efficiency in the presence of increasing returns. The proposed analysis takes account of both allocational efficiency and organizational efficiency. It will integrate the Dixit-Stiglitz model of the traditional analysis with the Yang-Ng-Shi model of the new framework to provide a more realistic analysis that ....Increasing Returns and Economic Efficiency. The project attempts to increase the international profile of Australian research by extending the analysis of the challenging issues of economic efficiency in the presence of increasing returns. The proposed analysis takes account of both allocational efficiency and organizational efficiency. It will integrate the Dixit-Stiglitz model of the traditional analysis with the Yang-Ng-Shi model of the new framework to provide a more realistic analysis that allows for increasing returns in both home and firm/market production. This conceptual extension constitutes an advance that is of analytical value and will also be relevant for the formulation of public economic policy in the Australian setting and also more generally. Read moreRead less
Fractional Integration, Power Laws and Econometric Models: Some Methodological and Theoretical Developments. The fundamental objectives of this project are to: (i) Extend
current econometric practice and consider the use of power laws as
a basis for the construction of a more flexible and realistic
class of models for the analysis of economic and financial time
series. (ii) To develop inferential techniques appropriate for the
modelling of dynamic econometric systems that incorporate
struc ....Fractional Integration, Power Laws and Econometric Models: Some Methodological and Theoretical Developments. The fundamental objectives of this project are to: (i) Extend
current econometric practice and consider the use of power laws as
a basis for the construction of a more flexible and realistic
class of models for the analysis of economic and financial time
series. (ii) To develop inferential techniques appropriate for the
modelling of dynamic econometric systems that incorporate
structure characterized by power laws. This will be achieved by
building upon the class of fractionally integrated processes. New
econometric models and methodologies for the analysis of
non-stationarity series will be developed, along with the
associated theoretical results.Read moreRead less
International exchanges of knowledge, temporary skilled labour movements, and Australia's economic growth. It is known that skilled labour is a significant source of economic growth as it creates new knowledge and innovation, and that Australia, like other countries, uses policies to attract skilled migrants. It is less known however that thousands of skilled workers also migrate temporarily, often to exchange knowledge. Whilst the effect of permanent migration is widely researched, this project ....International exchanges of knowledge, temporary skilled labour movements, and Australia's economic growth. It is known that skilled labour is a significant source of economic growth as it creates new knowledge and innovation, and that Australia, like other countries, uses policies to attract skilled migrants. It is less known however that thousands of skilled workers also migrate temporarily, often to exchange knowledge. Whilst the effect of permanent migration is widely researched, this project will examine the economic impact of short-term labour movements. Using data from DIMIA and surveying temporary migrants, this project will analyse the consequences of temporary labour movements on Australia's innovation ability, productivity and economic growth, contributing to develop migration policy.Read moreRead less
A Universal Approach to Sustainable Development: Economic, Environmental, and Social Indicators in Australia and Southeast Asia. Sustainable development has implications for all facets of society and yet is in real danger of becoming a hollow catch cry. A significant reason for this is the lack of operational and standard indicators across a broad spectrum of economic, environmental and social realms. The major innovation of this work will be the incorporation of social choice theory based on re ....A Universal Approach to Sustainable Development: Economic, Environmental, and Social Indicators in Australia and Southeast Asia. Sustainable development has implications for all facets of society and yet is in real danger of becoming a hollow catch cry. A significant reason for this is the lack of operational and standard indicators across a broad spectrum of economic, environmental and social realms. The major innovation of this work will be the incorporation of social choice theory based on revealed preferences into defining and measuring sustainable development in Australia and Southeast Asia. This project will benefit both state and national governments, as well as non government organisations, interested in sustainable development and future social welfare.Read moreRead less
Modelling Hidden Processes which Drive Economic and Financial Systems. The ability to forecast complex economic systems is crucial to benefit from peak performance, and to prepare for and safeguard against downturn. This project aims to make significant discoveries concerning hidden processes which drive such systems, using rigorous, cutting-edge, flexible econometric methods. Resulting outcomes will be improved understanding of - and ability to forecast - important economic phenomena such as vo ....Modelling Hidden Processes which Drive Economic and Financial Systems. The ability to forecast complex economic systems is crucial to benefit from peak performance, and to prepare for and safeguard against downturn. This project aims to make significant discoveries concerning hidden processes which drive such systems, using rigorous, cutting-edge, flexible econometric methods. Resulting outcomes will be improved understanding of - and ability to forecast - important economic phenomena such as volatility in price series, extremal (risky) behaviour of financial systems, and turning points of the business cycle. Discoveries will be disseminated through published papers and presentations at a major international conference. Ongoing e-research links with France will also be established.Read moreRead less
The Management of Asymmetric Risk in a Modern Investment Portfolio. Due to compulsory superannuation legislation, the future lifestyle of all Australians is dependent upon the successful management of investment funds. A large component of funds management is risk management. This project will generate practical management tools to enable portfolio managers to significantly enhance their risk-management strategies. A direct link between risk management and performance drives funds managers to ....The Management of Asymmetric Risk in a Modern Investment Portfolio. Due to compulsory superannuation legislation, the future lifestyle of all Australians is dependent upon the successful management of investment funds. A large component of funds management is risk management. This project will generate practical management tools to enable portfolio managers to significantly enhance their risk-management strategies. A direct link between risk management and performance drives funds managers to carefully manage their risk exposure. Any developments that reduce the risk of a portfolio will ultimately enhance portfolio returns. Higher returns on superannuation investments will result in an improved future standard of living for all Australians.Read moreRead less
Lifelong Education and Health Investment: Implications for Life Expectancy, Economic Growth and Public Policy. This project will provide Australian policymakers a clear picture of the complex interaction between various policy instruments including subsidies on health and education and income support for retirees and children on the one hand, and socioeconomic outcomes including saving rates, labour participation, productivity, fertility, life expectancy and inequality on the other hand. This kn ....Lifelong Education and Health Investment: Implications for Life Expectancy, Economic Growth and Public Policy. This project will provide Australian policymakers a clear picture of the complex interaction between various policy instruments including subsidies on health and education and income support for retirees and children on the one hand, and socioeconomic outcomes including saving rates, labour participation, productivity, fertility, life expectancy and inequality on the other hand. This knowledge can be used to frame government policies in the areas of health, education, superannuation and pension, and family support. In particular, the project will inform policymakers about the mix of private and public funding of the health system that can produce better health and social outcomes.Read moreRead less
Human Capital, Innovations and Economic Growth. This project examines the effects of human capital on economic growth and international knowledge spillovers and the social returns to schooling. Furthermore, the project investigates the role played by human capital and innovations in explaining why Australia has not been able to maintain its leading position in the world over the past 135 years. To that end human capital is estimated for the OECD countries. The project addresses Research Priority ....Human Capital, Innovations and Economic Growth. This project examines the effects of human capital on economic growth and international knowledge spillovers and the social returns to schooling. Furthermore, the project investigates the role played by human capital and innovations in explaining why Australia has not been able to maintain its leading position in the world over the past 135 years. To that end human capital is estimated for the OECD countries. The project addresses Research Priority 3 by examining the role played by education in promoting an innovative culture and enhancing the capacity to absorb world frontier technology. Read moreRead less
Growth and Inflation Dynamics: Measuring Steady-State Growth, Output Gaps and Inflationary Pressures using Survey Data in Australia and Other Advanced Economies. The aim of the project is to develop, for Australia and other advanced economies, new measures of 'potential production'. Such measures are important in the prediction of periods of recession and inflation, and in the formulation of macroeconomic policy. The proposal seeks to address the shortcomings of existing measures by (i) incorpor ....Growth and Inflation Dynamics: Measuring Steady-State Growth, Output Gaps and Inflationary Pressures using Survey Data in Australia and Other Advanced Economies. The aim of the project is to develop, for Australia and other advanced economies, new measures of 'potential production'. Such measures are important in the prediction of periods of recession and inflation, and in the formulation of macroeconomic policy. The proposal seeks to address the shortcomings of existing measures by (i) incorporating direct measures of expectations of future output and inflation from survey data, and (ii) being consistent with standard economic analysis. Forming best practice methods in the use of survey data in policy formation and in the production of economic forecasts will be a vital contribution of the project.Read moreRead less