TY - JOUR
T1 - Monetary Policy Mistakes and Remedies
T2 - An Assessment Following the RBA Review
AU - Garnaut, Ross
AU - Vines, David
N1 - Publisher Copyright:
© 2023 The University of Melbourne, Melbourne Institute: Applied Economic & Social Research, Faculty of Business and Economics.
PY - 2023/9
Y1 - 2023/9
N2 - This article responds to the Review of the Reserve Bank of Australia (RBA), which was released on 20 April 2023. We describe the underperformance of the Australian economy over the past decade, and identify the contribution of RBA mistakes. We suggest remedies that would improve prospects for low inflation and unemployment. Returning to general prosperity requires better coordination of monetary, fiscal and macro-prudential policy and of these with other aspects of economic policy-making. We conclude that while the RBA Review makes some valuable suggestions about structure and process at the RBA, it provides little guidance on the content of policy.
AB - This article responds to the Review of the Reserve Bank of Australia (RBA), which was released on 20 April 2023. We describe the underperformance of the Australian economy over the past decade, and identify the contribution of RBA mistakes. We suggest remedies that would improve prospects for low inflation and unemployment. Returning to general prosperity requires better coordination of monetary, fiscal and macro-prudential policy and of these with other aspects of economic policy-making. We conclude that while the RBA Review makes some valuable suggestions about structure and process at the RBA, it provides little guidance on the content of policy.
UR - http://www.scopus.com/inward/record.url?scp=85176109231&partnerID=8YFLogxK
U2 - 10.1111/1467-8462.12528
DO - 10.1111/1467-8462.12528
M3 - Article
SN - 0004-9018
VL - 56
SP - 273
EP - 287
JO - Australian Economic Review
JF - Australian Economic Review
IS - 3
ER -