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The Debate on Alternatives for Monetary Policy in Australia

In: Monetary Policy and Inflation Targeting

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  • Malcolm Edey

    (Reserve Bank of Australia)

Abstract

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Suggested Citation

  • Malcolm Edey, 1997. "The Debate on Alternatives for Monetary Policy in Australia," RBA Annual Conference Volume (Discontinued), in: Philip Lowe (ed.),Monetary Policy and Inflation Targeting, Reserve Bank of Australia.
    • Handle: RePEc:rba:rbaacv:acv1997-04
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    File URL: https://www.rba.gov.au/publications/confs/1997/pdf/edey.pdf
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    References listed on IDEAS

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    3. Svensson, Lars E O, 1997. "Optimal Inflation Targets, "Conservative" Central Banks, and Linear Inflation Contracts," American Economic Review, American Economic Association, vol. 87(1), pages 98-114, March.
    4. Charles A. E. Goodhart, 1995. "The Central Bank and the Financial System," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262071673, December.
    5. Robert E. Hall & N. Gregory Mankiw, 1994. "Nominal Income Targeting," NBER Chapters, in: Monetary Policy, pages 71-94, National Bureau of Economic Research, Inc.
    6. C. A. E. Goodhart, 1995. "The Central Bank and the Financial System," Palgrave Macmillan Books, Palgrave Macmillan, number 978-0-230-37915-2.
    7. Malcolm L. Edey, 1990. "Operating Objectives for Monetary Policy," RBA Research Discussion Papers rdp9007, Reserve Bank of Australia.
    8. Mervyn A. King, 1996. "How should central banks reduce inflation? - Conceptual issues," Economic Review, Federal Reserve Bank of Kansas City, vol. 81(Q IV), pages 25-52.
    9. Richard H. Clarida & Mark Gertler, 1997. "How the Bundesbank Conducts Monetary Policy," NBER Chapters, in: Reducing Inflation: Motivation and Strategy, pages 363-412, National Bureau of Economic Research, Inc.
    10. McCallum, Bennett T., 1981. "Price level determinacy with an interest rate policy rule and rational expectations," Journal of Monetary Economics, Elsevier, vol. 8(3), pages 319-329.
    11. Glenn Stevens & Susan Thorp & John Anderson, 1987. "The Australian Demand Function for Money: Another Look at Stability," RBA Research Discussion Papers rdp8701, Reserve Bank of Australia.
    12. J. D. Pitchford, 1996. "Alternatives for Monetary Policy: An Appraisal," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 29(1), pages 40-50, January.
    13. David W.R. Gruen & Jenny Wilkinson, 1991. "Australia’s Real Exchange Rate – Is it Explained by the Terms of Trade or by Real Interest Differentials?," RBA Research Discussion Papers rdp9108, Reserve Bank of Australia.
    14. Laurence Ball, 1999. "Efficient Rules for Monetary Policy," International Finance, Wiley Blackwell, vol. 2(1), pages 63-83, April.
    15. E.J. Weber, 1993. "The Role of Money During the Recession in Australia in 1990-92," Economics Discussion / Working Papers 93-15, The University of Western Australia, Department of Economics.
    16. Mervyn A. King, 1996. "How should central banks reduce inflation? conceptual issues," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 53-91.
    17. C. A. E. Goodhart, 1995. "Money Supply Control: Base or Interest Rates? (1995)," Palgrave Macmillan Books, in: The Central Bank and the Financial System, chapter 13, pages 249-262, Palgrave Macmillan.
    18. Sargent, Thomas J & Wallace, Neil, 1975. ""Rational" Expectations, the Optimal Monetary Instrument, and the Optimal Money Supply Rule," Journal of Political Economy, University of Chicago Press, vol. 83(2), pages 241-254, April.
    19. David Gruen & Jacqueline Dwyer, 1996. "Are Terms of Trade Rises Inflationary?," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 29(2), pages 211-224, April.
    20. Mccallum, Bennet T., 1988. "Robustness properties of a rule for monetary policy," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 29(1), pages 173-203, January.
    21. McCallum, Bennett T, 1995. "Two Fallacies Concerning Central-Bank Independence," American Economic Review, American Economic Association, vol. 85(2), pages 207-211, May.
    22. Thomas Laubach & Adam S. Posen, 1997. "Disciplined discretion: the German and Swiss monetary targeting frameworks in operation," Research Paper 9707, Federal Reserve Bank of New York.
    23. McKibbin, W., 1996. "Disinflation, Fiscal Consolidation and the Role of Monetary and Fiscal Regimes," CEPR Discussion Papers 348, Centre for Economic Policy Research, Research School of Economics, Australian National University.
    24. Ben S. Bernanke & Frederic S. Mishkin, 1997. "Inflation Targeting: A New Framework for Monetary Policy?," Journal of Economic Perspectives, American Economic Association, vol. 11(2), pages 97-116, Spring.
    25. Svensson, Lars E O, 1999. "Price-Level Targeting versus Inflation Targeting: A Free Lunch?," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 31(3), pages 277-295, August.
    26. Dowd, Kevin, 1996. "The Case for Financial Laissez-Faire," Economic Journal, Royal Economic Society, vol. 106(436), pages 679-687, May.
    27. George A. Selgin & Lawrence H. White, 1994. "How Would the Invisible Hand Handle Money?," Journal of Economic Literature, American Economic Association, vol. 32(4), pages 1718-1749, December.
    28. E.J. Weber, 1994. "Will Inflation Return?," Economics Discussion / Working Papers 94-10, The University of Western Australia, Department of Economics.
    29. Doug McTaggart & Colin Rogers, 1990. "Monetary Policy and the Terms of Trade: A Case for Monetary Base Control in Australia?," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 23(2), pages 38-49, June.
    30. Martin Feldstein & James H. Stock, 1994. "The Use of a Monetary Aggregate to Target Nominal GDP," NBER Chapters, in: Monetary Policy, pages 7-69, National Bureau of Economic Research, Inc.
    31. Maurice Obstfeld, 1994. "The Logic of Currency Crises," NBER Working Papers 4640, National Bureau of Economic Research, Inc.
    32. Peter J. Stemp, 1996. "The Role of Monetary Policy in Australia: A Minimalist Approach," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 29(1), pages 10-28, January.
    33. Summers, Lawrence, 1991. "How Should Long-Term Monetary Policy Be Determined? Panel Discussion," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 23(3), pages 625-631, August.
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    Cited by:

    1. I.J. Macfarlane, 1998. "Shann Memorial Lecture: Australian monetary policy in the last quarter of the twentieth century," Economics Discussion / Working Papers 98-22, The University of Western Australia, Department of Economics.
    2. Malcolm Edey, 2006. "An Australian perspective on inflation targeting, communication and transparency," BIS Papers chapters, in: Bank for International Settlements (ed.), Monetary policy in Asia: approaches and implementation, volume 31, pages 3-24, Bank for International Settlements.
    3. Arief Ramayandi, 2001. "Optimum Monetary Instrument Option in the Case of a Small Open Economy," Working Papers in Economics and Development Studies (WoPEDS) 200101, Department of Economics, Padjadjaran University, revised Sep 2001.
    4. Ij. Macfarlane, 1999. "Australian Monetary Policy in the Last Quarter of the Twentieth Century," The Economic Record, The Economic Society of Australia, vol. 75(3), pages 213-224, September.

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