Evaluating simple monetary policy rules for Australia
Generally, the ultimate objectives of monetary policy are low and stable inflation and maximum sustainable economic growth. Central banks have increasingly sought to achieve these goals through the formulation of formal inflation targets. In pursuing such a target, most central banks use an overnight interest rate as the instrument of policy, but exactly how the instrument should be moved to achieve the objectives of policy is an issue of active debate. A number of simple interest-rate feedback...[Show more]
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