评估21世纪的澳大利亚货币政策*

IF 1.1 4区经济学 Q3 ECONOMICS

Economic Record Pub Date : 2022-06-13 DOI:10.1111/1475-4932.12689

Isaac Gross, Andrew Leigh

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引用次数: 2

摘要

使用澳大利亚储备银行的MARTIN模型，我们比较了实际的货币政策决策和反事实的货币政策决策，其中现金利率是根据最优简单规则设定的。我们发现，货币政策在避免2001年的潜在衰退和缓解2008-09年的低迷方面发挥了至关重要的作用。相比之下，我们发现2016-19年期间现金利率过高，使通货膨胀率低于储备银行的目标区间。2016-19年的最优货币政策将包括大幅降低现金利率，并产生明显更好的就业结果。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

Assessing Australian Monetary Policy in the Twenty-First Century*

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Assessing Australian Monetary Policy in the Twenty-First Century*

Using the Reserve Bank of Australia's MARTIN model, we compare actual monetary policy decisions with a counterfactual in which the cash rate is set according to an optimal simple rule. We find that monetary policy played a crucial role in avoiding a potential recession in 2001 and mitigating the downturn in 2008–09. By contrast we find that the cash rate was too high during 2016–19, keeping inflation below the Reserve Bank's target band. Optimal monetary policy in 2016–19 would have involved a substantially lower cash rate and produced significantly better employment outcomes.

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来源期刊

Economic Record ECONOMICS-

CiteScore

1.90

自引率

16.70%

发文量

期刊介绍： Published on behalf of the Economic Society of Australia, the Economic Record is intended to act as a vehicle for the communication of advances in knowledge and understanding in economics. It publishes papers in the theoretical, applied and policy areas of economics and provides a forum for research on the Australian economy. It also publishes surveys in economics and book reviews to facilitate the dissemination of knowledge.