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Introduction
1 Dec 1988
RDP
8811
Download the Paper 826. KB. Traditional textbook theories of monetary policy rely heavily on the Hicksian IS/LM model in which the monetary authorities control an exogenous “money” stock in implementing ... Indeed, it is argued in this paper that
https://www.rba.gov.au/publications/rdp/1988/8811/introduction.html
Monetary Transmission in a Deregulated Financial System
1 Dec 1988
RDP
8811
Research Discussion Papers contain the results of economic research within the Reserve Bank
https://www.rba.gov.au/publications/rdp/1988/8811.html
Empirical Implications
1 Dec 1988
RDP
8811
Download the Paper 826. KB. The model of the transmission mechanism outlined above has empirical implications which differ substantially from both the textbook model and from more institutional descriptions of the ... It is interesting that both the U.K.
https://www.rba.gov.au/publications/rdp/1988/8811/empirical-implications.html
Deregulation in Existing IS/LM Models
1 Dec 1988
RDP
8811
In the strict textbook sense, money is a liquid asset that pays no nominal return. ... In fact, the sort of assets that are classed as “money” in the Tobin-type framework do not resemble at all the textbook definition.
https://www.rba.gov.au/publications/rdp/1988/8811/deregulation-in-existing-is-lm-models.html
Conclusions
1 Dec 1988
RDP
8811
When analysing monetary policy in a deregulated environment, it was shown that the textbook IS/LM model is no longer an adequate means of explaining the monetary transmission mechanism.
https://www.rba.gov.au/publications/rdp/1988/8811/conclusions.html
Conceptual Framework
1 Dec 1988
RDP
8811
a situation in which the authorities have a direct influence over their liabilities (the textbook definition of money) via the money/bond interest differential.
https://www.rba.gov.au/publications/rdp/1988/8811/conceptual-framework.html