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Australian Monetary Policy in the Last Quarter of the Twentieth Century

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  • IJ. MACFARLANE
Abstract
This paper was delivered as the 1998 Shann Memorial Lecture. It describes the evolution of Australia's monetary policy over the past 25 years. It focuses on three aspects of this development: first, improvements to the institutional structure; second, the search for the optimal policy framework; and third, the issue of central bank independence. Particular attention is paid to the period between the end of monetary targeting (1985) and the introduction of inflation targeting (1993).

Suggested Citation

  • 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.
    • Handle: RePEc:bla:ecorec:v:75:y:1999:i:3:p:213-224
    DOI: 10.1111/j.1475-4932.1999.tb02451.x
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    References listed on IDEAS

    as
    1. Barro, Robert J. & Gordon, David B., 1983. "Rules, discretion and reputation in a model of monetary policy," Journal of Monetary Economics, Elsevier, vol. 12(1), pages 101-121.
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    3. Ray Evans, 1994. "Inflation and Monetary Monopoly: Reflections on Australia’s Ten-Dollar Note," Agenda - A Journal of Policy Analysis and Reform, Australian National University, College of Business and Economics, School of Economics, vol. 1(2), pages 159-166.
    4. Friedman, Benjamin M, 1988. "Lessons on Monetary Policy from the 1980s," Journal of Economic Perspectives, American Economic Association, vol. 2(3), pages 51-72, Summer.
    5. Benjamin M. Friedman, 1988. "Lessons On Monetary Policy From The 1980's," NBER Working Papers 2551, National Bureau of Economic Research, Inc.
    6. R.A. Johnston, 1987. "Monetary Policy - The Lessons of History," Economics Discussion / Working Papers 87-13, The University of Western Australia, Department of Economics.
    7. Malcolm L. Edey, 1989. "Monetary Policy Instruments: A Theoretical Analysis," RBA Research Discussion Papers rdp8905, Reserve Bank of Australia.
    8. 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.
    9. A. J. Phipps & J. R. Sheen, 1995. "Macroeconomic Policy and Employment Growth in Australia," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 28(1), pages 86-104, January.
    10. Guy Debelle & Glenn Stevens, 1995. "Monetary Policy Goals for Inflation in Australia," RBA Research Discussion Papers rdp9503, Reserve Bank of Australia.
    11. 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.
    12. E.J. Weber, 1994. "Will Inflation Return?," Economics Discussion / Working Papers 94-10, The University of Western Australia, Department of Economics.
    13. Goodhart, Charles, 1989. "The Conduct of Monetary Policy," Economic Journal, Royal Economic Society, vol. 99(396), pages 293-346, June.
    14. Kydland, Finn E & Prescott, Edward C, 1977. "Rules Rather Than Discretion: The Inconsistency of Optimal Plans," Journal of Political Economy, University of Chicago Press, vol. 85(3), pages 473-491, June.
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    Cited by:

    1. Jean-Francois Hoarau & Ibrahim Ahamada & Alain Nurbel, 2007. "Multiple structural regimes in real exchange rate misalignment: the case of Australian dollar," Applied Economics Letters, Taylor & Francis Journals, vol. 15(2), pages 101-104.
    2. Mishra, Ankita & Moosa, Imad A. & Tawadros, George B. & Mishra, Vinod, 2023. "The effect of political and bureaucratic regime changes on Australia's real interest rate," International Review of Economics & Finance, Elsevier, vol. 85(C), pages 124-136.
    3. Mardi Dungey & Adrian Pagan, 2000. "A Structural VAR Model of the Australian Economy," The Economic Record, The Economic Society of Australia, vol. 76(235), pages 321-342, December.
    4. Na Guo & Bo Zhang & Jamie L. Cross, 2022. "Time‐varying trend models for forecasting inflation in Australia," Journal of Forecasting, John Wiley & Sons, Ltd., vol. 41(2), pages 316-330, March.
    5. Rushdi, Mustabshira & Kim, Jae H. & Silvapulle, Param, 2012. "ARDL bounds tests and robust inference for the long run relationship between real stock returns and inflation in Australia," Economic Modelling, Elsevier, vol. 29(3), pages 535-543.
    6. Chowdhury, Khorshed, 2012. "Modelling the dynamics, structural breaks and the determinants of the real exchange rate of Australia," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 22(2), pages 343-358.
    7. Tomoya Suzuki, 2004. "Is the Lending Channel of Monetary Policy Dominant in Australia?," The Economic Record, The Economic Society of Australia, vol. 80(249), pages 145-156, June.
    8. Khorshed Chowdhury, 2011. "Dynamics, Structural Breaks and the Determinants of the Real Exchange Rate of Australia," Economics Working Papers wp11-11, School of Economics, University of Wollongong, NSW, Australia.

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