RDP 2023-09: Does Monetary Policy Affect Non-mining Business Investment in Australia? Evidence from BLADE Appendix B: Aggregate Data Results
December 2023
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![Figure B1: Aggregate Non-mining Investment Response](images/figure-b1.gif)
Notes: Small VAR with (log) real trade-weighted index, (log) consumption, (log) non-mining business investment, (log) dwelling investment and cash rate. Lighter shaded areas show 95 per cent confidence interval; darker show 90 per cent confidence interval.
![Figure B2: Investment Response to 100 Basis Point Monetary Policy Shock](images/figure-b2.gif)
Notes: Model with no growth controls, but with industry*year fixed effects. Dots represent the point estimates of the differences in impulse responses. Bars represent 90 per cent confidence intervals calculated based on a t-distribution with t – n degrees of freedom, where t is number of years and n is the number of coefficients that do not vary across firms.
Sources: Authors' calculations; Morningstar.
![Figure B3: Deflator Response to 100 Basis Point Monetary Policy Shock](images/figure-b3.gif)
Note: Lighter shaded areas show 95 per cent confidence interval; darker show 90 per cent confidence interval.
Sources: ABS; Authors' calculations.