Statistical evidence to support a policy

Reference no: EM13338766

Part A:
Complete Questions 3.19 and 3.20 in Selvanathan et al, 6th edition, p.65.

Part B: Complete Question 3.33 in Selvanathan et al, 6th edition, p.72. (Hint: Instructions are on p. 69)

Part C:

The Federal Government of Australia uses the cash rate to control the inflation rate in Australia. Is there statistical evidence to support such a policy?

Instructions:
• Go to either the RBA website or the ABS website to obtain the series of data that you would like to investigate. Collect at least 8 years of information of each series. Using relevant statistical tools, describe the key characteristics of the series and provide a brief report. (Hint: Go to https://www.rba.gov.au/statistics/cash-rate/cash-rate-2002-2007.html to get the cash rates you will need to convert this to quarterly rates. You may obtain the quarterly inflation rate from the RBA site or go to ABS data and compile your own series)

• The Australian government sets as a target an inflation rate of no more than 3% over the course of the business cycle. From the data you have collected on the inflation rate, is there statistical evidence to support such a claim.

• Using relevant statistical tools, analyse the relationship described in this project, and provide a concise report of your findings.

• Using the appropriate statistical tools, forecast the cash rate for the next four quarters outside your sample data period.

Reference no: EM13338766

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