RDP 9604: Issues in Modelling Monetary Policy References

Bernanke, B. and A. Blinder (1990), ‘The Federal Funds Rate and the Channels of Monetary Transmission’, NBER Working Paper No. 3487.

Bernanke, B. and M. Gertler (1995), ‘Inside the Black Box: The Credit Channel of Monetary Policy Transmission’, NBER Working Paper No. 5146.

Blanchard, O.J. and S. Fischer (1989), Lectures on Macroeconomics, MIT Press, Cambridge Massachusetts.

Blinder, A.S. (1995), ‘Central Banking in Theory and Practice’, Marshall Lectures, University of Cambridge, England, May.

Blinder, A.S. (1996), ‘On the Conceptual Basis of Monetary Policy’, remarks for the Senior Executives Conference, Mortgage Bankers Association, New York, 10 January.

Blundell-Wignall, A., J. Fahrer and A. Heath (1993), ‘ Major Influences on the Australian Dollar Exchange Rate’, in A. Blundell-Wignall (ed.), The Exchange Rate, International Trade and the Balance of Payments, Proceedings of a Conference, Reserve Bank of Australia, Sydney, pp. 30–78.

Bryant, R.C., C.L. Mann and P. Hooper (1993), ‘Stochastic Simulations with Simple Policy Regimes’, Evaluating Policy Regimes, The Brookings Institution, Washington DC, pp. 373–415.

Bullock, M., D. Morris and G. Stevens (1989), ‘ The Relationship Between Financial Indicators and Economic Activity: 1968–1987’, in I. Macfarlane and G. Stevens (eds), Studies in Money and Credit, Proceedings of a Conference, Reserve Bank of Australia, Sydney, pp. 53–85.

Cecchetti, S.G. (1995), ‘Distinguishing Theories of the Monetary Transmission Mechanism’, Federal Reserve Bank of St. Louis Review, 77(3), May/June, pp. 83–100.

Cockerell, L. and W. Russell (1995), ‘ Australian Wage and Price Inflation: 1971–1994’, Reserve Bank of Australia Research Discussion Paper No. 9509.

de Brouwer, G. and N.R. Ericsson (1995), ‘ Modelling Inflation in Australia’, Reserve Bank of Australia Research Discussion Paper No. 9510.

de Brouwer, G., I. Ng and R. Subbaraman (1993), ‘The Demand for Money in Australia: New Tests on an Old Topic’, Reserve Bank of Australia Research Discussion Paper No. 9314.

Debelle, G. (1994), ‘The End of Three Small Inflations: Australia, New Zealand and Canada’, Chapter 2, PhD thesis, MIT, Cambridge, Massachusetts.

Debelle, G. and G. Stevens (1995), ‘Monetary Policy Goals for Inflation in Australia’, Reserve Bank of Australia Research Discussion Paper No. 9503.

Edey, M. (1989), ‘ Monetary Policy Instruments: A Theoretical Analysis’, in I. Macfarlane and G. Stevens (eds), Studies in Money and Credit, Proceedings of a Conference, Reserve Bank of Australia, Sydney, pp. 147–161.

Edey, M. (1990), ‘Operating Objectives for Monetary Policy’, Reserve Bank of Australia Research Discussion Paper No. 9007.

Fahrer, J. and L. Shori (1990), ‘ An Empirical Model of Australian Interest Rates, Exchange Rates and Monetary Policy’, Reserve Bank of Australia Research Discussion Paper No. 9009.

Fraser, B. (1994), ‘ The Art of Monetary Policy’, Reserve Bank of Australia Bulletin, Sydney, October, pp. 17–25.

Friedman, B.M. (1995), ‘Does Monetary Policy Affect Real Economic Activity?: Why Do We Still Ask This Question?’, NBER Working Paper No. 5212.

Fuhrer, J.C. and G.R. Moore (1995), ‘Monetary Policy Trade-offs and the Correlation Between Nominal Interest Rates and Real Output’, American Economic Review, 85(1), March, pp. 219–239.

Grenville, S. (1996), ‘Recent Developments in Monetary Policy: Australia and Abroad’, Australian Economic Review, 113(1), 1st Quarter, pp. 29–39.

Gruen, D.W.R. (1995), ‘ Financial Market Volatility and the World-Wide Fall in Inflation’, Reserve Bank of Australia Research Discussion Paper No. 9513.

Gruen, D.W.R. and M.C. Gizycki (1993), ‘ Explaining Forward Discount Bias: Is it Anchoring?’, Reserve Bank of Australia Research Discussion Paper No. 9307.

Gruen, D.W.R. and T. Kortian (1996), ‘Why Does the Australian Dollar Move So Closely with the Terms of Trade?’, Reserve Bank of Australia Research Discussion Paper No. 9601.

Gruen, D.W.R. and G.D. Menzies (1995), ‘Forward Discount Bias: Is it Near-Rationality in the Foreign Exchange Market?’, The Economic Record, 71(1), June, pp. 157–166.

Gruen, D.W.R. and G. Shuetrim (1994), ‘Internationalisation and the Macroeconomy’, in P. Lowe and J. Dwyer (eds), International Integration of the Australian Economy, Proceedings of a Conference, Reserve Bank of Australia, Sydney, pp. 309–363.

Gruen, D.W.R. and J. Wilkinson (1994), ‘Australia's Real Exchange Rate – Is it Explained by the Terms of Trade or by Real Interest Differentials?’, The Economic Record, 70(1), June, pp. 204–219.

Haldane, A.G. (1995), ‘Rules, Discretion and the United Kingdom's New Monetary Framework’, Bank of England Working Paper Series No. 35.

Jonson, P.D. and W.E. Norton (1980), ‘Macroeconomic Modelling: The RBA Experience’, paper presented to Pacific Basin Central Bank Conference on Economic Modelling, Tokyo.

Lowe, P. (1992), ‘The Term Structure of Interest Rates, Real Activity and Inflation’, Reserve Bank of Australia Research Discussion Paper No. 9204.

Lowe, P. (1995), ‘The Link Between the Cash Rate and Market Interest Rates’, Reserve Bank of Australia Research Discussion Paper No. 9504.

Lowe, P. and T. Rohling (1993), ‘Agency Costs, Balance Sheets and the Business Cycle’, Reserve Bank of Australia Research Discussion Paper No. 9311.

McCallum, B.T. (1986), ‘Some Issues Concerning Interest Rate Pegging, Price Level Determinancy, and the Real Bills Doctrine’, Journal of Monetary Economics, 17(1), pp. 135–160.

Macfarlane, I.J. (1988), ‘International Interest Rate Linkages and Monetary Policy: The Case of Australia’, Reserve Bank of Australia Research Discussion Paper No. 8812.

Meese, R.A. and K. Rogoff (1983), ‘Empirical Exchange Rate Models of the Seventies: Do They Fit Out of Sample?’, Journal of International Economics, 14(1/2), pp. 3–24, North-Holland.

Mills, K., S. Morling and W. Tease (1994), ‘The Influence of Financial Factors on Corporate Investment’, Reserve Bank of Australia Research Discussion Paper No. 9402.

Mishkin, F.S. (1995), ‘Symposium on the Monetary Transmission Mechanism’, The Journal of Economic Perspectives, 9(4), pp. 3–10.

Orr, A., M. Edey and M. Kennedy (1995), ‘The Determinants of Real Long-Term Interest Rates: 17 Country Pooled-Time-Series Evidence’, OECD Working Paper No. 155, pp. 75–107.

Sargent, T.J. (1979), Macroeconomic Theory, Academic Press, New York.

Shuetrim, G., P. Lowe and S. Morling (1993), ‘The Determinants of Corporate Leverage: A Panel Data Analysis’, Reserve Bank of Australia Research Discussion Paper No. 9313.

Statement on the Conduct of Monetary Policy (1996), The Treasurer and the Governor (designate) of the Reserve Bank, published in the Reserve Bank of Australia Bulletin, September, pp. 1–3.

Stevens, G. (1992), ‘Inflation and Disinflation in Australia: 1950–91’, in A. Blundell-Wignall (ed.), Inflation, Disinflation and Monetary Policy, Proceedings of a Conference, Reserve Bank of Australia, Sydney, pp. 182–244.

Stevens, G. and S. Thorp (1989), ‘ The Relationship Between Financial Indicators and Economic Activity: Some Further Evidence’, in I. Macfarlane and G. Stevens (eds), Studies in Money and Credit, Proceedings of a Conference, Reserve Bank of Australia, Sydney, pp. 86–123.

Tarditi, A. (1995), ‘Australian Exchange Rates, Long Bond Yields and Inflationary Expectations’, paper presented for the Bank for International Settlements Central Bank Econometrics Meeting, 14–15 December.

Taylor, J.B. (1993), ‘Discretion Versus Policy Rules in Practice’, Carnegie-Rochester Conference Series on Public Policy, 39(1), pp. 195–214, North-Holland, December.

Taylor, J.B. (1995), ‘The Monetary Transmission Mechanism: An Empirical Framework’, The Journal of Economic Perspectives, 9(4), pp. 11–26.

Whitelaw, R., N. de Roos and C. Groeger (1995), ‘Tests of the Expectations Theory for Long Term Bonds’, paper presented to the 24th Conference of Economists, University of Adelaide, September, Adelaide.