Research Discussion Paper – RDP 2019-05 Cost-benefit Analysis of Leaning against the Wind


The authors would like to express our special gratitude to Matthew Read for detailed discussions on this topic. We also wish to thank Luci Ellis, Jonathan Kearns, Adam Gorajek, David Norman, David Orsmond, John Simon, Penny Smith, Stefano Tornielli di Crestvolant and participants at internal RBA seminars for helpful comments. The views expressed in this paper are those of the authors and do not necessarily reflect the views of the Reserve Bank of Australia. The authors are solely responsible for any errors.