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RBA Glossary definition for floating exchange rate
floating exchange rate – Exchange rates determined by market forces based on the demand for and supply of a currency.
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The Exchange Rate and the International Cycle
1 Dec 1992
RDP
9212
A floating exchange rate helps to insulate the domestic economy from the world commodity price cycle, facilitating the task of monetary policy in achieving low and stable inflation. ... manufactured-export sector has performed well, despite some sharp
https://www.rba.gov.au/publications/rdp/1992/9212/exchange-rate-and-the-international-cycle.html
Introduction
1 Dec 1992
RDP
9212
The exchange rate appreciates, causing substitution in demand towards imports, thereby offsetting the inflationary pressure. ... There is, then, a need for some assessment of Australia's experience with floating exchange rates in the conduct of monetary
https://www.rba.gov.au/publications/rdp/1992/9212/introduction.html
Concluding Remarks
1 Dec 1992
RDP
9212
Since the floating of the exchange rate, this source of pressure on domestic production and (via the Phillips curve) inflation has, for the most part, been eliminated. ... The counterpart to this, however, has been sharp swings in the nominal (and real)
https://www.rba.gov.au/publications/rdp/1992/9212/concluding-remarks.html
Asset Price Inflation, Borrowing and the Business Cycle
1 Dec 1992
RDP
9212
the floating of the $A and removal of all exchange controls by December 1983; and. ... The negative interest rate sign suggests that demand-side factors dominate any (positive) supply-side effects of the level of interest rates.
https://www.rba.gov.au/publications/rdp/1992/9212/asset-price-inflation-borrowing-and-the-business-cycle.html