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Central Bank Independence: What Does It Mean?
22 Feb 2002
Bulletin
PDF
74KB
That is clear enough in principle, but it hasbeen interpreted differently in practice,resulting in different approaches by centralbanks. ... In Australia, the Reserve Bank Actspecifies stability of the currency andmaintenance of full employment as the
https://www.rba.gov.au/publications/bulletin/1994/dec/pdf/bu-1294-1.pdf
Central Bank Co-Operation in Asia
17 Jun 2003
Bulletin
PDF
47KB
Some longstanding arrangements for centralbank co-operation in the Asian region do existbut these mostly have a training flavour aboutthem:• SEANZA and SEACEN are two. ... the meeting next year will be hosted bythe People’s Bank of China, a
https://www.rba.gov.au/publications/bulletin/1996/sep/pdf/bu-0996-5.pdf
Making Monetary Policy: Perceptions and Reality
17 Jun 2003
Bulletin
PDF
41KB
theAct does not give the Government anyoperational role in monetary policy decisionsas is done in some other countries’ centralbank legislation. ... This state of affairs was regarded as normal,and to the best of my knowledge no-onecriticised it on the
https://www.rba.gov.au/publications/bulletin/1996/oct/pdf/bu-1096-3.pdf
Reserve Bank Independence
17 Jun 2003
Bulletin
PDF
52KB
Centralbanks have a duty to try to minimise economicfluctuations, but they can tackle this task indifferent ways. ... I would notbe surprised if, over time, some centralbanks with a single inflation objective.
https://www.rba.gov.au/publications/bulletin/1996/sep/pdf/bu-0996-4.pdf
Optimal Monetary Policy with Real-time Signal Extraction from the Bond Market
2 Dec 2009
RDP
PDF
222KB
The filtering problem of the centralbank is then solved, taking the term structure model as given. ... andin the euro area business cycles: a Bayesian DSGE approach’, European CentralBank Working Paper No 391.
https://www.rba.gov.au/publications/rdp/2006/pdf/rdp2006-05.pdf
Monetary Policy and Inflation Targeting
23 Feb 2001
Bulletin
PDF
39KB
Third, if monetary policy is credible, withinflation expectations anchored by the centralbank’s inflation target, both the variability ofoutput and inflation can be reduced. ... It appears that centralbanks avoid making interest-rate changes thatthey
https://www.rba.gov.au/publications/bulletin/1997/oct/pdf/bu-1097-3.pdf
Identifying the Efficacy of Central Bank Interventions: Evidence from Australia
8 May 2012
RDP
PDF
128KB
The paper proceeds as follows. There is a brief review, in Section 2, of centralbank intervention practices and the associated literature. ... Centralbanks can choose the method of intervention, ranging from direct trades withcommercial banks, to
https://www.rba.gov.au/publications/rdp/2003/pdf/rdp2003-04.pdf
Central Bank Cooperation in the Asian Region
4 Jun 2003
Bulletin
PDF
52KB
Some of these issues – including themonetary policy implications of large capitalinflows – are obviously relevant to centralbanks. ... Another group which also holds annualmeetings of Governors and operates a trainingcentre is SEACEN (South East
https://www.rba.gov.au/publications/bulletin/1995/oct/pdf/bu-1095-2.pdf
Central Banking – A Parting View
5 Feb 2003
Bulletin
PDF
458KB
centralbank’s objectives be set out in its charter – inour case in the Reserve Bank Act. ... Not surprisingly, the Bundesbankarrangements have had a major influence inplanning for the proposed European CentralBank.
https://www.rba.gov.au/publications/bulletin/1992/apr/pdf/bu-0492-3.pdf
Monetary Policy: The End of History?
24 Oct 2001
Bulletin
PDF
47KB
This was formalisedin the idea of ‘time inconsistency’, althoughmuch of the discussion in this literatureprovided a woefully inadequaterepresentation of the motivation of centralbanks. ... The centralbank needs protection from these forces,in the
https://www.rba.gov.au/publications/bulletin/2001/aug/pdf/bu-0801-2.pdf