This paper uses Reiterative Truncated Projected Least Squares to estimate the effects of US monetary and fiscal policy on Australia using quarterly data between 1960 and 2022. When Australia had a fixed exchange rate (1960–1983), both US fiscal and monetary policies were positively correlated with Australia’s GDP, which fits the predictions of a small-country IS/LM/BP model with relatively immobile capital. When Australia had a flexible exchange rate (1984–2022), US fiscal policy was positively correlated with Australia’s GDP, but US monetary policy was negatively correlated with Australia’s GDP, which fits the predictions of a large-country IS/LM/BP model.

中文翻译：

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澳大利亚如何受到美国货币和财政政策的影响：1960 年至 2022 年

本文使用迭代截断投影最小二乘法，利用 1960 年至 2022 年的季度数据来估计美国货币和财政政策对澳大利亚的影响。当澳大利亚采用固定汇率时（1960-1983 年），美国财政和货币政策呈正相关澳大利亚的 GDP 符合资本相对固定的小国 IS/LM/BP 模型的预测。当澳大利亚实行灵活汇率时（1984-2022年），美国财政政策与澳大利亚GDP呈正相关，但美国货币政策与澳大利亚GDP呈负相关，这符合大国IS/LM/BP模型的预测。