By Stephen Bell
The Reserve financial institution of Australia (RBA) led a pretty conservative lifestyles till the early Nineteen Eighties whilst the economic system skilled waves of monetary industry deregulation and basic monetary liberalization. This ebook tells the tale of financial coverage and the political function of the Reserve financial institution during the last twenty years. It finds how the financial institution has been used as a "political football", describes conflicts with the govt. and the dept of Treasury, and the way the financial institution ultimately adjusted to political turmoil and controlled to claim a degree of independence within the Nineties.
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Extra resources for Australia's Money Mandarins: The Reserve Bank and the Politics of Money
This created further impetus for the depreciation of the Australian dollar’,52 which became the major issue of 1985 and 1986. Inside the Bank, the question was what would replace targeting as a formula for policy? Given the travails of targeting over the preceding years, it is surprising that more thought had not been given to this question. The Campbell Committee had recognised but not probed the issue of how targeting would cope in a deregulated environment. 53 ‘The Reserve’s increasing opposition to projections should have led it to 42 AUSTRALIA’S MONEY MANDARINS investigate how policy could be structured in the absence of projections.
Both processes required approval by the Treasurer. Similarly, cabinet determined exchange rate policy, and routine exchange rate adjustments were taken daily by a group of officials (only one of whom was the RBA Governor). Later, in the late 1970s and early 1980s, in the monetarist era, decisions about money supply and the targeted rate of monetary growth were usually determined by the Monetary Policy Committee of cabinet. In effect, the RBA had no real policy independence; as in the post-war era under Coombs, it was the Treasurer and Treasury, not the Bank, who were at the centre of monetary policy action.
23 36 AUSTRALIA’S MONEY MANDARINS By the 1970s, mainstream economists rejected the Keynesian belief that lower unemployment could be traded for higher inflation and vice versa. In the short term, it was agreed, reducing inflation (say, through higher interest rates) would slow growth and increase unemployment. But in the medium to long term there was no trade-off. Higher inflation could not be traded for lower unemployment because eventually, so the argument goes, growth and employment gains would be cancelled out by higher inflation.
Australia's Money Mandarins: The Reserve Bank and the Politics of Money by Stephen Bell