Discussion of The Debate on Alternatives for Monetary Policy in Australia
نویسنده
چکیده
The aim of Malcolm Edey’s paper is to review the debate on alternative monetarypolicy systems as they apply to Australia and to give a general rationale for the system we have, which is the inflation target. The paper focuses on the choice between policy systems and not on the detailed parameters of individual systems. Discussion of those details is in other papers of the conference. Four types of monetary-policy systems are compared. These are money-supply-setting systems (such as the Friedman monetary rule), final-targeting systems using the interest rate as the intermediate target, exchange-rate-setting systems, and laissez-faire or free-banking systems. Inflation being one of the possible final targets of monetary policy, the inflation-target system is one example of a final-targeting system.
منابع مشابه
The Debate on Alternatives for Monetary Policy in Australia
Debate on the monetary-policy framework can be viewed as taking place at two distinct levels. At one level, there is debate about the appropriate choice of policy system from a range of conceptually distinct alternatives such as inflation targets, nominal-income targets, money targets, fixed exchange rates, and various more radical schemes. The other level of debate is that occurring within som...
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