The Transmission of Monetary Policy: The Relationship between Overnight Cash Rates.
This paper utilizes daily data from the period of the 'clean' float of the Australian dollar to consider the relationship between two key Australian short-term interest rates: the official and the unofficial overnight cash rates. There is a stable long-run differential of one percent between the two rates and a short-run dynamic policy reaction function is found that indicates that the official rate reacted to the size of the past interest rate differential. Copyright 1994 by The Economic Society of Australia.
Year of publication: |
1994
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Authors: | Elliott, Graham ; Bewley, Ronald |
Published in: |
The Economic Record. - Economic Society of Australia - ESA, ISSN 1475-4932. - Vol. 70.1994, 208, p. 19-25
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Publisher: |
Economic Society of Australia - ESA |
Saved in:
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