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本文研究了澳大利亚对于未预期到的货币冲击,汇率和价格的时间调整路径。将Dornsbusch的模型加以扩展,使用Johansen协整检验和VEC模型,判断澳大利亚的农产品价格是否存在超调。实证结果显示,澳大利亚的农产品价格比工业品价格调整的更快。
This article examines Australia’s path of time adjustment to unexpected currency shocks, exchange rates and prices. Extend the Dornsbusch model using the Johansen cointegration test and the VEC model to determine if Australia’s agricultural prices overshoot. Empirical results show that the prices of agricultural products in Australia are faster than the prices of industrial products.