- <!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN"
- "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd">
- <html>
- <head>
- <title>UTas ePrints - The Term Spread and GDP Growth in Australia</title>
- <script type="text/javascript" src="http://eprints.utas.edu.au/javascript/auto.js"><!-- padder --></script>
- <style type="text/css" media="screen">@import url(http://eprints.utas.edu.au/style/auto.css);</style>
- <style type="text/css" media="print">@import url(http://eprints.utas.edu.au/style/print.css);</style>
- <link rel="icon" href="/images/eprints/favicon.ico" type="image/x-icon" />
- <link rel="shortcut icon" href="/images/eprints/favicon.ico" type="image/x-icon" />
- <link rel="Top" href="http://eprints.utas.edu.au/" />
- <link rel="Search" href="http://eprints.utas.edu.au/cgi/search" />
- <meta content="Poke, Jacob" name="eprints.creators_name" />
- <meta content="Wells, Graeme" name="eprints.creators_name" />
- <meta content="" name="eprints.creators_id" />
- <meta content="graeme.wells@utas.edu.au" name="eprints.creators_id" />
- <meta content="monograph" name="eprints.type" />
- <meta content="2007-11-22 01:33:23" name="eprints.datestamp" />
- <meta content="2008-01-08 15:30:00" name="eprints.lastmod" />
- <meta content="show" name="eprints.metadata_visibility" />
- <meta content="The Term Spread and GDP Growth in Australia" name="eprints.title" />
- <meta content="pub" name="eprints.ispublished" />
- <meta content="340203" name="eprints.subjects" />
- <meta content="340208" name="eprints.subjects" />
- <meta content="340401" name="eprints.subjects" />
- <meta content="public" name="eprints.full_text_status" />
- <meta content="discussion_paper" name="eprints.monograph_type" />
- <meta content="GDP, Term Spread, GDP Growth in Australia, REPEC" name="eprints.keywords" />
- <meta content="This paper analyses the e¤ectiveness of the spread between short and
- long term interest rates for predicting GDP growth in Australia, and
- whether the predictive relation deteriorates, as theory suggests, with the
- adoption of a credible ination-targeting regime. We test whether predic-
- tive power is sensitive to inclusion of other conditioning variables which
- may be useful in forecasting GDP growth, and whether forecasting sig-
- ni
cance is due primarily to the expected change in short-term interest
- rates, the term premium, or a combination of the two. In a simple bivari-
- ate model, results strongly suggest that the shift to a credible ination-
- targeting regime has reduced the predictive content of the term spread.
- However, extensions to this basic model tend to undermine this result.
- The predictive power of the term spread in Australia may have been over-
- sold." name="eprints.abstract" />
- <meta content="2007" name="eprints.date" />
- <meta content="published" name="eprints.date_type" />
- <meta content="School of Economics and Finance" name="eprints.publisher" />
- <meta content="University of Tasmania" name="eprints.place_of_pub" />
- <meta content="32" name="eprints.pages" />
- <meta content="2007-07" name="eprints.id_number" />
- <meta content="University of Tasmania" name="eprints.institution" />
- <meta content="School of Economics and Finance" name="eprints.department" />
- <meta content="http://www.utas.edu.au/ecofin/home/dispap_by-year/2007.htm" name="eprints.official_url" />
- <meta content="[1] Alles, L. (1995), The Australian term structure as a predictor of real economic activity, Australian Economic Review, (4th quarter), 71-85.
- [2] Bernanke, Ben S. (2006), Reections on the Yield Curve and Monetary
- Policy, Speech to the Economic Club of New York, March 20.
- [3] Bordo, Michael D and Joseph G. Haubrich (2004), The Yield Curve, Re-
- cessions, and the Credibility of the Monetary Regime: Long-Run Evidence,
- 1875-1997.Working Paper 04-02. Federal Reserve Bank of Cleveland.
- [4] Claus, Edda and Mardi Dungey (2006), Yield curve responses to monetary
- policy in the presence of asymmetric information, Working Paper, ANU
- Centre for Applied Macroeconomic Analysis, March.
- [5] Ellingsen, T. and U. Söderström (2001), Monetary policy and market in-
- terest rates, American Economic Review, 91(5) 1594-1607.
- [6] Fisher, C. and B. Felmingham (1998), The Australian yield curve as a
- leading indicator of consumption growthApplied Financial Economics, 8,
- 627-35.
- [7] Ford, B. and K. Taylor (2005), Recent developments in Australian bond
- yieldsAustralian Treasury Economic Roundup, Spring, 111-120.
- [8] Grenville, Stephen. (1997), The Evolution of Mone-
- tary Policy: From Money Targets to Ination Targets.
- http://www.rba.gov.au/PublicationsAndResearch/Conferences/1997/
- Grenville.pdf.
- [9] Hamilton, James D and Dong Heon Kim (2002), A Reexamination of the
- Predictability of Economic Activity Using the Yield Spread. Journal of
- Money, Credit and Banking, 34(2), 340-360.
- [10] Harvey, Campbell. R. (1988), The Real Term Structure and Consumption
- Growth.Journal of Financial Economics, Vol 22. pp305-333.
- 28
- [11] Karfakis, Costas I. and Demetrios M. Moschos (1995), The Information
- Content of the Yield Curve in Australia, Journal of Macroeconomics,
- 17(1), 93-109.
- [12] Karunaratne, N.D. (1999), The yield curve as a predictor of growth and
- recession in Australia, Discussion Paper 255, Department of Economics,
- University of Queensland, May.
- [13] Lowe, P. (1992), The term structure of interest rates, real activity and
- ination, Research Discussion Paper 9204, Reserve Bank of Australia, May.
- [14] Macfarlane, Ian. J. (1998), Australian Monetary Policy in the Last Quar-
- ter of the Twentieth Century.Shann Memorial Lecture, delivered at the
- University of Western Australia.
- [15] Newey, Whitney and Kenneth West (1987), A Simple, Positive Semi-
- De
nite, Heteroskedasticity and Autocorrelation Consistent Covariance
- Matrix.Econometrica, 55, 703-708.
- [16] Plosser, Charles. I and Geert. K. Rouwenhorst (1994), International Term
- Structures and Real Economic Growth.Journal of Monetary Economics,
- 33, 133-155.
- [17] Rudebusch, Glenn D., Brian P. Sack and Eric T. Swanson (2007), Macro-
- economic Implications of Changes in the Term premium, Federal Reserve
- Bank of St Louis Review, July/August 241-270.
- [18] Stock, J.H. and M.W. Watson (2003), Forecasting Output and Ination:
- The Role of Asset Prices, Journal of Economic Literature, 41 (3), 788-829.
- [19] Wright, Jonathan. H. (2006), The Yield Curve and Predicting Recessions.
- Federal Reserve Board, Washington DC." name="eprints.referencetext" />
- <meta content="Poke, Jacob and Wells, Graeme (2007) The Term Spread and GDP Growth in Australia. Discussion Paper. School of Economics and Finance, University of Tasmania." name="eprints.citation" />
- <meta content="http://eprints.utas.edu.au/2508/2/DP2007_07_Poke_Wells.pdf" name="eprints.document_url" />
- <link rel="schema.DC" href="http://purl.org/DC/elements/1.0/" />
- <meta content="The Term Spread and GDP Growth in Australia" name="DC.title" />
- <meta content="Poke, Jacob" name="DC.creator" />
- <meta content="Wells, Graeme" name="DC.creator" />
- <meta content="340203 Finance Economics" name="DC.subject" />
- <meta content="340208 Macroeconomics (incl. Monetary and Fiscal Theory)" name="DC.subject" />
- <meta content="340401 Economic Models and Forecasting" name="DC.subject" />
- <meta content="This paper analyses the e¤ectiveness of the spread between short and
- long term interest rates for predicting GDP growth in Australia, and
- whether the predictive relation deteriorates, as theory suggests, with the
- adoption of a credible ination-targeting regime. We test whether predic-
- tive power is sensitive to inclusion of other conditioning variables which
- may be useful in forecasting GDP growth, and whether forecasting sig-
- ni
cance is due primarily to the expected change in short-term interest
- rates, the term premium, or a combination of the two. In a simple bivari-
- ate model, results strongly suggest that the shift to a credible ination-
- targeting regime has reduced the predictive content of the term spread.
- However, extensions to this basic model tend to undermine this result.
- The predictive power of the term spread in Australia may have been over-
- sold." name="DC.description" />
- <meta content="School of Economics and Finance" name="DC.publisher" />
- <meta content="2007" name="DC.date" />
- <meta content="Report" name="DC.type" />
- <meta content="NonPeerReviewed" name="DC.type" />
- <meta content="application/pdf" name="DC.format" />
- <meta content="http://eprints.utas.edu.au/2508/2/DP2007_07_Poke_Wells.pdf" name="DC.identifier" />
- <meta content="http://www.utas.edu.au/ecofin/home/dispap_by-year/2007.htm" name="DC.relation" />
- <meta content="Poke, Jacob and Wells, Graeme (2007) The Term Spread and GDP Growth in Australia. Discussion Paper. School of Economics and Finance, University of Tasmania." name="DC.identifier" />
- <meta content="http://eprints.utas.edu.au/2508/" name="DC.relation" />
- <link rel="alternate" href="http://eprints.utas.edu.au/cgi/export/2508/BibTeX/epprod-eprint-2508.bib" title="BibTeX" type="text/plain" />
- <link rel="alternate" href="http://eprints.utas.edu.au/cgi/export/2508/ContextObject/epprod-eprint-2508.xml" title="OpenURL ContextObject" type="text/xml" />
- <link rel="alternate" href="http://eprints.utas.edu.au/cgi/export/2508/ContextObject::Dissertation/epprod-eprint-2508.xml" title="OpenURL Dissertation" type="text/xml" />
- <link rel="alternate" href="http://eprints.utas.edu.au/cgi/export/2508/ContextObject::Journal/epprod-eprint-2508.xml" title="OpenURL Journal" type="text/xml" />
- <link rel="alternate" href="http://eprints.utas.edu.au/cgi/export/2508/DC/epprod-eprint-2508.txt" title="Dublin Core" type="text/plain" />
- <link rel="alternate" href="http://eprints.utas.edu.au/cgi/export/2508/DIDL/epprod-eprint-2508.xml" title="DIDL" type="text/xml" />
- <link rel="alternate" href="http://eprints.utas.edu.au/cgi/export/2508/EndNote/epprod-eprint-2508.enw" title="EndNote" type="text/plain" />
- <link rel="alternate" href="http://eprints.utas.edu.au/cgi/export/2508/HTML/epprod-eprint-2508.html" title="HTML Citation" type="text/html; charset=utf-8" />
- <link rel="alternate" href="http://eprints.utas.edu.au/cgi/export/2508/METS/epprod-eprint-2508.xml" title="METS" type="text/xml" />
- <link rel="alternate" href="http://eprints.utas.edu.au/cgi/export/2508/MODS/epprod-eprint-2508.xml" title="MODS" type="text/xml" />
- <link rel="alternate" href="http://eprints.utas.edu.au/cgi/export/2508/RIS/epprod-eprint-2508.ris" title="Reference Manager" type="text/plain" />
- <link rel="alternate" href="http://eprints.utas.edu.au/cgi/export/2508/Refer/epprod-eprint-2508.refer" title="Refer" type="text/plain" />
- <link rel="alternate" href="http://eprints.utas.edu.au/cgi/export/2508/Simple/epprod-eprint-2508text" title="Simple Metadata" type="text/plain" />
- <link rel="alternate" href="http://eprints.utas.edu.au/cgi/export/2508/Text/epprod-eprint-2508.txt" title="ASCII Citation" type="text/plain; charset=utf-8" />
- <link rel="alternate" href="http://eprints.utas.edu.au/cgi/export/2508/XML/epprod-eprint-2508.xml" title="EP3 XML" type="text/xml" />
-
- </head>
- <body bgcolor="#ffffff" text="#000000" onLoad="loadRoutine(); MM_preloadImages('images/eprints/ePrints_banner_r5_c5_f2.gif','images/eprints/ePrints_banner_r5_c7_f2.gif','images/eprints/ePrints_banner_r5_c8_f2.gif','images/eprints/ePrints_banner_r5_c9_f2.gif','images/eprints/ePrints_banner_r5_c10_f2.gif','images/eprints/ePrints_banner_r5_c11_f2.gif','images/eprints/ePrints_banner_r6_c4_f2.gif')">
-
- <div class="ep_noprint"><noscript><style type="text/css">@import url(http://eprints.utas.edu.au/style/nojs.css);</style></noscript></div>
-
-
-
-
- <table width="795" border="0" cellspacing="0" cellpadding="0">
- <tr>
- <td><script language="JavaScript1.2">mmLoadMenus();</script>
- <table border="0" cellpadding="0" cellspacing="0" width="795">
- <!-- fwtable fwsrc="eprints_banner_final2.png" fwbase="ePrints_banner.gif" fwstyle="Dreamweaver" fwdocid = "1249563342" fwnested="0" -->
- <tr>
- <td><img src="/images/eprints/spacer.gif" width="32" height="1" border="0" alt="" /></td>
- <td><img src="/images/eprints/spacer.gif" width="104" height="1" border="0" alt="" /></td>
- <td><img src="/images/eprints/spacer.gif" width="44" height="1" border="0" alt="" /></td>
- <td><img src="/images/eprints/spacer.gif" width="105" height="1" border="0" alt="" /></td>
- <td><img src="/images/eprints/spacer.gif" width="41" height="1" border="0" alt="" /></td>
- <td><img src="/images/eprints/spacer.gif" width="16" height="1" border="0" alt="" /></td>
- <td><img src="/images/eprints/spacer.gif" width="68" height="1" border="0" alt="" /></td>
- <td><img src="/images/eprints/spacer.gif" width="68" height="1" border="0" alt="" /></td>
- <td><img src="/images/eprints/spacer.gif" width="68" height="1" border="0" alt="" /></td>
- <td><img src="/images/eprints/spacer.gif" width="82" height="1" border="0" alt="" /></td>
- <td><img src="/images/eprints/spacer.gif" width="69" height="1" border="0" alt="" /></td>
- <td><img src="/images/eprints/spacer.gif" width="98" height="1" border="0" alt="" /></td>
- <td><img src="/images/eprints/spacer.gif" width="1" height="1" border="0" alt="" /></td>
- </tr>
- <tr>
- <td colspan="12"><img name="ePrints_banner_r1_c1" src="/images/eprints/ePrints_banner_r1_c1.gif" width="795" height="10" border="0" alt="" /></td>
- <td><img src="/images/eprints/spacer.gif" width="1" height="10" border="0" alt="" /></td>
- </tr>
- <tr>
- <td rowspan="6"><img name="ePrints_banner_r2_c1" src="/images/eprints/ePrints_banner_r2_c1.gif" width="32" height="118" border="0" alt="" /></td>
- <td rowspan="5"><a href="http://www.utas.edu.au/"><img name="ePrints_banner_r2_c2" src="/images/eprints/ePrints_banner_r2_c2.gif" width="104" height="103" border="0" alt="" /></a></td>
- <td colspan="10"><img name="ePrints_banner_r2_c3" src="/images/eprints/ePrints_banner_r2_c3.gif" width="659" height="41" border="0" alt="" /></td>
- <td><img src="/images/eprints/spacer.gif" width="1" height="41" border="0" alt="" /></td>
- </tr>
- <tr>
- <td colspan="3"><a href="http://eprints.utas.edu.au/"><img name="ePrints_banner_r3_c3" src="/images/eprints/ePrints_banner_r3_c3.gif" width="190" height="31" border="0" alt="" /></a></td>
- <td rowspan="2" colspan="7"><img name="ePrints_banner_r3_c6" src="/images/eprints/ePrints_banner_r3_c6.gif" width="469" height="37" border="0" alt="" /></td>
- <td><img src="/images/eprints/spacer.gif" width="1" height="31" border="0" alt="" /></td>
- </tr>
- <tr>
- <td colspan="3"><img name="ePrints_banner_r4_c3" src="/images/eprints/ePrints_banner_r4_c3.gif" width="190" height="6" border="0" alt="" /></td>
- <td><img src="/images/eprints/spacer.gif" width="1" height="6" border="0" alt="" /></td>
- </tr>
- <tr>
- <td colspan="2"><img name="ePrints_banner_r5_c3" src="/images/eprints/ePrints_banner_r5_c3.gif" width="149" height="1" border="0" alt="" /></td>
- <td rowspan="2" colspan="2"><a href="/information.html" onMouseOut="MM_swapImgRestore();MM_startTimeout()" onMouseOver="MM_showMenu(window.mm_menu_0821132634_0,0,25,null,'ePrints_banner_r5_c5');MM_swapImage('ePrints_banner_r5_c5','','/images/eprints/ePrints_banner_r5_c5_f2.gif',1);"><img name="ePrints_banner_r5_c5" src="/images/eprints/ePrints_banner_r5_c5.gif" width="57" height="25" border="0" alt="About" /></a></td>
- <td rowspan="2"><a href="/view/" onMouseOut="MM_swapImgRestore();MM_startTimeout()" onMouseOver="MM_showMenu(window.mm_menu_0821133021_1,0,25,null,'ePrints_banner_r5_c7');MM_swapImage('ePrints_banner_r5_c7','','/images/eprints/ePrints_banner_r5_c7_f2.gif',1);"><img name="ePrints_banner_r5_c7" src="/images/eprints/ePrints_banner_r5_c7.gif" width="68" height="25" border="0" alt="Browse" /></a></td>
- <td rowspan="2"><a href="/perl/search/simple" onMouseOut="MM_swapImgRestore();MM_startTimeout()" onMouseOver="MM_showMenu(window.mm_menu_0821133201_2,0,25,null,'ePrints_banner_r5_c8');MM_swapImage('ePrints_banner_r5_c8','','/images/eprints/ePrints_banner_r5_c8_f2.gif',1);"><img name="ePrints_banner_r5_c8" src="/images/eprints/ePrints_banner_r5_c8.gif" width="68" height="25" border="0" alt="Search" /></a></td>
- <td rowspan="2"><a href="/perl/register" onMouseOut="MM_swapImgRestore();MM_startTimeout();" onMouseOver="MM_showMenu(window.mm_menu_1018171924_3,0,25,null,'ePrints_banner_r5_c9');MM_swapImage('ePrints_banner_r5_c9','','/images/eprints/ePrints_banner_r5_c9_f2.gif',1);"><img name="ePrints_banner_r5_c9" src="/images/eprints/ePrints_banner_r5_c9.gif" width="68" height="25" border="0" alt="register" /></a></td>
- <td rowspan="2"><a href="/perl/users/home" onMouseOut="MM_swapImgRestore();MM_startTimeout()" onMouseOver="MM_showMenu(window.mm_menu_0821133422_4,0,25,null,'ePrints_banner_r5_c10');MM_swapImage('ePrints_banner_r5_c10','','/images/eprints/ePrints_banner_r5_c10_f2.gif',1);"><img name="ePrints_banner_r5_c10" src="/images/eprints/ePrints_banner_r5_c10.gif" width="82" height="25" border="0" alt="user area" /></a></td>
- <td rowspan="2"><a href="/help/" onMouseOut="MM_swapImgRestore();MM_startTimeout()" onMouseOver="MM_showMenu(window.mm_menu_0821133514_5,0,25,null,'ePrints_banner_r5_c11');MM_swapImage('ePrints_banner_r5_c11','','/images/eprints/ePrints_banner_r5_c11_f2.gif',1);"><img name="ePrints_banner_r5_c11" src="/images/eprints/ePrints_banner_r5_c11.gif" width="69" height="25" border="0" alt="Help" /></a></td>
- <td rowspan="3" colspan="4"><img name="ePrints_banner_r5_c12" src="/images/eprints/ePrints_banner_r5_c12.gif" width="98" height="40" border="0" alt="" /></td>
- <td><img src="/images/eprints/spacer.gif" width="1" height="1" border="0" alt="" /></td>
- </tr>
- <tr>
- <td rowspan="2"><img name="ePrints_banner_r6_c3" src="/images/eprints/ePrints_banner_r6_c3.gif" width="44" height="39" border="0" alt="ePrints home" /></td>
- <td><a href="/" onMouseOut="MM_swapImgRestore()" onMouseOver="MM_swapImage('ePrints_banner_r6_c4','','/images/eprints/ePrints_banner_r6_c4_f2.gif',1);"><img name="ePrints_banner_r6_c4" src="/images/eprints/ePrints_banner_r6_c4.gif" width="105" height="24" border="0" alt="ePrints home" /></a></td>
- <td><img src="/images/eprints/spacer.gif" width="1" height="24" border="0" alt="" /></td>
- </tr>
- <tr>
- <td><img name="ePrints_banner_r7_c2" src="/images/eprints/ePrints_banner_r7_c2.gif" width="104" height="15" border="0" alt="" /></td>
- <td colspan="8"><img name="ePrints_banner_r7_c4" src="/images/eprints/ePrints_banner_r7_c4.gif" width="517" height="15" border="0" alt="" /></td>
- <td><img src="/images/eprints/spacer.gif" width="1" height="15" border="0" alt="" /></td>
- </tr>
- </table></td>
- </tr>
- <tr><td><table width="100%" style="font-size: 90%; border: solid 1px #ccc; padding: 3px"><tr>
- <td align="left"><a href="http://eprints.utas.edu.au/cgi/users/home">Login</a> | <a href="http://eprints.utas.edu.au/cgi/register">Create Account</a></td>
- <td align="right" style="white-space: nowrap">
- <form method="get" accept-charset="utf-8" action="http://eprints.utas.edu.au/cgi/search" style="display:inline">
- <input class="ep_tm_searchbarbox" size="20" type="text" name="q" />
- <input class="ep_tm_searchbarbutton" value="Search" type="submit" name="_action_search" />
- <input type="hidden" name="_order" value="bytitle" />
- <input type="hidden" name="basic_srchtype" value="ALL" />
- <input type="hidden" name="_satisfyall" value="ALL" />
- </form>
- </td>
- </tr></table></td></tr>
- <tr>
- <td class="toplinks"><!-- InstanceBeginEditable name="content" -->
-
-
- <div align="center">
-
- <table width="720" class="ep_tm_main"><tr><td align="left">
- <h1 class="ep_tm_pagetitle">The Term Spread and GDP Growth in Australia</h1>
- <p style="margin-bottom: 1em" class="not_ep_block"><span class="person_name">Poke, Jacob</span> and <span class="person_name">Wells, Graeme</span> (2007) <xhtml:em>The Term Spread and GDP Growth in Australia.</xhtml:em> Discussion Paper. School of Economics and Finance, University of Tasmania.</p><p style="margin-bottom: 1em" class="not_ep_block"></p><table style="margin-bottom: 1em" class="not_ep_block"><tr><td valign="top" style="text-align:center"><a onmouseover="EPJS_ShowPreview( event, 'doc_preview_3301' );" href="http://eprints.utas.edu.au/2508/2/DP2007_07_Poke_Wells.pdf" onmouseout="EPJS_HidePreview( event, 'doc_preview_3301' );"><img alt="[img]" src="http://eprints.utas.edu.au/style/images/fileicons/application_pdf.png" class="ep_doc_icon" border="0" /></a><div class="ep_preview" id="doc_preview_3301"><table><tr><td><img alt="" src="http://eprints.utas.edu.au/2508/thumbnails/2/preview.png" class="ep_preview_image" border="0" /><div class="ep_preview_title">Preview</div></td></tr></table></div></td><td valign="top"><a href="http://eprints.utas.edu.au/2508/2/DP2007_07_Poke_Wells.pdf"><span class="ep_document_citation">PDF</span></a> - Requires a PDF viewer<br />219Kb</td></tr></table><p style="margin-bottom: 1em" class="not_ep_block">Official URL: <a href="http://www.utas.edu.au/ecofin/home/dispap_by-year/2007.htm">http://www.utas.edu.au/ecofin/home/dispap_by-year/2007.htm</a></p><div class="not_ep_block"><h2>Abstract</h2><p style="padding-bottom: 16px; text-align: left; margin: 1em auto 0em auto">This paper analyses the e¤ectiveness of the spread between short and
- long term interest rates for predicting GDP growth in Australia, and
- whether the predictive relation deteriorates, as theory suggests, with the
- adoption of a credible ination-targeting regime. We test whether predic-
- tive power is sensitive to inclusion of other conditioning variables which
- may be useful in forecasting GDP growth, and whether forecasting sig-
- ni
cance is due primarily to the expected change in short-term interest
- rates, the term premium, or a combination of the two. In a simple bivari-
- ate model, results strongly suggest that the shift to a credible ination-
- targeting regime has reduced the predictive content of the term spread.
- However, extensions to this basic model tend to undermine this result.
- The predictive power of the term spread in Australia may have been over-
- sold.</p></div><table style="margin-bottom: 1em" cellpadding="3" class="not_ep_block" border="0"><tr><th valign="top" class="ep_row">Item Type:</th><td valign="top" class="ep_row">Report (Discussion Paper)</td></tr><tr><th valign="top" class="ep_row">Keywords:</th><td valign="top" class="ep_row">GDP, Term Spread, GDP Growth in Australia, REPEC</td></tr><tr><th valign="top" class="ep_row">Subjects:</th><td valign="top" class="ep_row"><a href="http://eprints.utas.edu.au/view/subjects/340203.html">340000 Economics > 340200 Applied Economics > 340203 Finance Economics</a><br /><a href="http://eprints.utas.edu.au/view/subjects/340208.html">340000 Economics > 340200 Applied Economics > 340208 Macroeconomics (incl. Monetary and Fiscal Theory)</a><br /><a href="http://eprints.utas.edu.au/view/subjects/340401.html">340000 Economics > 340400 Econometrics > 340401 Economic Models and Forecasting</a></td></tr><tr><th valign="top" class="ep_row">ID Code:</th><td valign="top" class="ep_row">2508</td></tr><tr><th valign="top" class="ep_row">Deposited By:</th><td valign="top" class="ep_row"><span class="ep_name_citation"><span class="person_name">Ms Tracy Kostiuk</span></span></td></tr><tr><th valign="top" class="ep_row">Deposited On:</th><td valign="top" class="ep_row">22 Nov 2007 12:33</td></tr><tr><th valign="top" class="ep_row">Last Modified:</th><td valign="top" class="ep_row">09 Jan 2008 02:30</td></tr><tr><th valign="top" class="ep_row">ePrint Statistics:</th><td valign="top" class="ep_row"><a target="ePrintStats" href="/es/index.php?action=show_detail_eprint;id=2508;">View statistics for this ePrint</a></td></tr></table><p align="right">Repository Staff Only: <a href="http://eprints.utas.edu.au/cgi/users/home?screen=EPrint::View&eprintid=2508">item control page</a></p>
- </td></tr></table>
- </div>
-
-
-
- <!-- InstanceEndEditable --></td>
- </tr>
- <tr>
- <td><!-- #BeginLibraryItem "/Library/footer_eprints.lbi" -->
- <table width="795" border="0" align="left" cellpadding="0" class="footer">
- <tr valign="top">
- <td colspan="2"><div align="center"><a href="http://www.utas.edu.au">UTAS home</a> | <a href="http://www.utas.edu.au/library/">Library home</a> | <a href="/">ePrints home</a> | <a href="/contact.html">contact</a> | <a href="/information.html">about</a> | <a href="/view/">browse</a> | <a href="/perl/search/simple">search</a> | <a href="/perl/register">register</a> | <a href="/perl/users/home">user area</a> | <a href="/help/">help</a></div><br /></td>
- </tr>
- <tr><td colspan="2"><p><img src="/images/eprints/footerline.gif" width="100%" height="4" /></p></td></tr>
- <tr valign="top">
- <td width="68%" class="footer">Authorised by the University Librarian<br />
- © University of Tasmania ABN 30 764 374 782<br />
- <a href="http://www.utas.edu.au/cricos/">CRICOS Provider Code 00586B</a> | <a href="http://www.utas.edu.au/copyright/copyright_disclaimers.html">Copyright & Disclaimers</a> | <a href="http://www.utas.edu.au/accessibility/index.html">Accessibility</a> | <a href="http://eprints.utas.edu.au/feedback/">Site Feedback</a> </td>
- <td width="32%"><div align="right">
- <p align="right" class="NoPrint"><a href="http://www.utas.edu.au/"><img src="http://www.utas.edu.au/shared/logos/unioftasstrip.gif" alt="University of Tasmania Home Page" width="260" height="16" border="0" align="right" /></a></p>
- <p align="right" class="NoPrint"><a href="http://www.utas.edu.au/"><br />
- </a></p>
- </div></td>
- </tr>
- <tr valign="top">
- <td><p> </p></td>
- <td><div align="right"><span class="NoPrint"><a href="http://www.eprints.org/software/"><img src="/images/eprintslogo.gif" alt="ePrints logo" width="77" height="29" border="0" align="bottom" /></a></span></div></td>
- </tr>
- </table>
- <!-- #EndLibraryItem -->
- <div align="center"></div></td>
- </tr>
- </table>
-
- </body>
- </html>